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US Court Orders SEC To Re-Review Grayscale Bitcoin ETF Application, Sending Crypto Prices Soaring


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The US Court of Appeals ordered the US Securities and Exchange Commission (SEC) to re-review Grayscale Investment’s application to convert its Bitcoin Trust into a spot Bitcoin ETF, helping buoy crypto market sentiment.

The mandate reaffirms the court’s Aug. 29 ruling that said the regulator’s decision to approve Bitcoin Futures ETFS, but not spot Bitcoin ETFs, was ”arbitrary and capricious.” The SEC didn’t appeal that ruling.

Grayscale submitted on Oct. 19 an S-3 form registration settlement with the SEC to list the Grayscale Bitcoin Trust shares on the New York Stock Exchange Arca under the GBTC ticker symbol.

The SEC is yet to approve any spot crypto ETF in the US. The reluctance has attracted criticism from the crypto community and some legislators, including the House Financial Services Committee chair, Patrick McHenry.

BlackRock’s ETF Might Be The First In The Market

The tides are shifting, and it appears likely that the SEC will bow to pressure and approve a spot Bitcoin ETF soon.

BlackRock, the world’s largest asset manager, filed for a spot Bitcoin ETF on June 15. The filing emboldened other firms, whose applications were previously denied, to refile with the SEC.

The BlackRock iShares Bitcoin Trust will use Coinbase as the custodian. It now appears that this ETF might be on its way to the market after listing on the Depository Trust & Clearing Corporation (DTCC). DTCC offers clearing and settlement services for NASDAQ trades.

As crypto investors bet on ETF approvals, Bitcoin is at the centre of attention. The coin soared to an 18-month high, causing over $300 million worth of Bitcoin shorts to be liquidated per CoinGlass data. BTC was trading at $34,518 at 7:15am ET.

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