The US Securities and Exchange Commission (SEC) reportedly has no intention of appealing a court ruling involving crypto titan Grayscale and its flagship Bitcoin Trust product.
Last year, Grayscale sued the SEC immediately after the regulator rejected the company’s bid to convert the Grayscale Bitcoin Trust (GBTC) into a spot market Bitcoin (BTC) ETF.
About a year after Grayscale filed the lawsuit, a The federal judge has ruled that the SEC must reconsider the crypto titan’s application to launch an ETF from its Bitcoin Trust to avoid arbitrariness and inconsistency.
Reuters quotes a source familiar with the matter as saying reports that the SEC has no plans to appeal the decision, which puts GBTC in a position to be converted into a spot Bitcoin ETF.
A spot Bitcoin ETF allows investors to gain exposure to the largest cryptocurrencies by market cap without having to own BTC.
Grayscale isn’t the only company racing to get a Bitcoin ETF to market. Investment firms BlackRock, Invesco and Fidelity, among others, have all submitted applications for a spot Bitcoin ETF.
Ex-BlackRock CEO Martin Bednall believes that US regulators are likely to approve all Bitcoin ETF applications at once.
“As for the demand for a Bitcoin ETF in the US, I think it will be hugely positive, and that’s because I think the SEC will probably approve all applications at the same time.
I don’t think they want to give anyone a first mover advantage, and I think that’s because BlackRock is in the mix and it’s a behemoth.”
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