The US Securities and Exchange Commission (SEC) will not challenge the court's decision on Grayscale's spot Bitcoin ETF. This was reported by Reuters, citing a source familiar with the situation.
On August 29, 2023, the District Court for the District of Columbia issued a decision in Grayscale Investments' lawsuit against the SEC. According to it, the regulator is obliged to reconsider the firm’s application to convert the GBTC Bitcoin trust fund into an ETF.
The judge then said the SEC's denial was invalid and should be reconsidered. The ruling says federal agencies must “treat similar cases equally.”
A representative of the Cato Institute think tank in an interview with The Block said that the SEC's decision does not mean that approval will be received quickly, "the regulator may reconsider the issue and refuse on other grounds."
It should be noted that on October 13, Bloomberg analysts Eric Balchunas and James Seyffarth said that the spot Bitcoin ETF from Ark Invest will be approved with a 90% probability before January 2024.
Previously, they estimated the probability of approval of spot Bitcoin funds at 75%.
At the time of writing, Bitcoin is trading near $26,900:
