March 27, 2024
DC Circuit Court instructs SEC to reconsider Grayscale's spot Bitcoin ETF denial.
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D.C. Circuit Court Orders SEC to Reconsider Grayscale’s Bitcoin ETF Application

The D.C. Circuit Court of Appeals has concluded the dispute between the U.S. Securities and Exchange Commission (SEC) and Grayscale, issuing a final ruling that essentially instructs the agency to withdraw its rejection of the asset manager’s spot bitcoin ETF application. This formal closure of the case on Monday solidifies the court’s previous judgment from two months ago, where the SEC was found to be arbitrary and capricious in its denial of Grayscale’s attempt to transform its approximately $17 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF.

The SEC decided not to contest this ruling, making today’s action a mere formality. The decision now lies with the SEC, where they may opt to approve Grayscale’s application or potentially reject it for other reasons. Furthermore, the SEC is currently in the process of evaluating various other spot bitcoin ETF applications, including those submitted by prominent asset management firms such as BlackRock, Fidelity, and Franklin Templeton.

In response to the conclusion of the case on Monday, Grayscale’s spokeswoman, Jennifer Rosenthal, stated that the Grayscale team eagerly anticipates continuing to collaborate with the SEC in converting GBTC to an ETF. GBTC is fully prepared for operation and is committed to expeditiously advancing this process on behalf of our investors.

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