Grayscale BTC ETF Must Be Reviewed, As Per US Court
A formal mandate was has recently been issued by a court in Washington, D.C., reaffirming its August ruling that the SEC must reevaluate the application put forth by Grayscale Investments for a Spot Bitcoin ETF.
The decision was made by the U.S. Court of Appeals for the D.C. Circuit in response to the U.S. Securities and Exchange Commission choosing not to appeal the Ripple XRP case outcome. Judge Neomi Rao pointed out that the SEC did not provide valid reasons for rejecting the Spot Bitcoin ETF application, even though it had approved similar products. Nevertheless, the SEC still has the option to present one.
The mandate, which was submitted on October 23rd, states that in line with the judgment of August 29th, and in accordance with Federal Rule of Appellate Procedure 41, the development constitutes the official directive of the appropriate court.
Grayscale had previously argued that its proposed Bitcoin ETF was comparable to previously approved Bitcoin futures ETFs. Therefore, they should have an equal chance of identifying fraudulent or manipulative activities in the Bitcoin and Bitcoin futures market, as the court emphasized.
Other major asset management companies, such as BlackRock and Fidelity Investments, are also seeking SEC approval for Spot Bitcoin ETFs. The recent decision by the U.S. Court represents another step forward for multiple financial institutions in their pursuit of approval for Spot Bitcoin ETFs, which would greatly simplify the incorporation of cryptocurrencies in banking transactions.
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