The post ‘Game on’: SEC opts not to appeal Grayscale’s court win appeared on BitcoinEthereumNews.com.

The Securities and Exchange Commission’s decision to not appeal a court win by Grayscale Investments Friday could be a sign that spot bitcoin ETF approval is imminent. Recent amendments made to bitcoin ETF proposals — that some analysts believe are at the request of the US securities regulator — also appear to reflect progress.  Judges in the DC Circuit Court of Appeals ruled in August that the SEC’s decision to block the proposed conversion of the Grayscale Bitcoin Trust (GBTC) to an ETF, but permit bitcoin futures ETFs to start trading, was “arbitrary and capricious.” The US securities regulator had until Friday to challenge that court decision, either by seeking an appeal to the US Supreme Court or requesting an “en banc” panel of the Court of Appeals to revisit the ruling.   It chose not to pursue those options.  An SEC spokesperson declined to comment.  “GBTC remains operationally ready to convert to an ETF upon appropriate regulatory approvals,” a Grayscale spokesperson told Blockworks Friday. Read more: Spot bitcoin ETF approval incoming? Bitwise CIO details green light conditions A number of industry watchers previously told Blockworks they did not expect the SEC to appeal. Some have noted, however, that the securities regulator could ask Grayscale to refile a proposal and look to block GBTC’s conversion to an ETF on different grounds. Still, the SEC has other applications to rule on. The 240-day window for the SEC to decide on a spot bitcoin ETF proposed by Ark Invest and 21Shares expires on Jan. 10.  The ultimate deadline for it to weigh in on other plans by BlackRock, Fidelity and several other firms is roughly two months later, though decisions on those could also come in January, or sooner. Nate Geraci, president of The ETF Store, said in a Thursday tweet that…

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Filed under: News - @ October 14, 2023 1:14 pm