One theory is that #SEC will choose another reason to rejec

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--Bullish

One theory is that #SEC will choose another reason to reject #Grayscale 's proposal and force longer and more expensive litigation.

It is possible although it will be more difficult. It is difficult to underestimate the SEC leadership's extreme hostility towards cryptocurrencies.

Will Chairman Gensler really accept this loss?

But there's also another theory that the SEC will see the DC Circuit's decision as a way out of its anti-ETF stance.

“We disagree, but we follow the rule of law” is a convenient excuse to back out of a losing battle

#SEC approval #bitcoin #ETF immediate delivery is just a matter of sooner or later. The important thing is whether the SEC wants to make things more difficult before a long loss or not

KTS Bot Trade

Bullish

Explain #Grayscale won the case #SEC and did we have #bitcoin #ETF delivered first?

Grayscale won its lawsuit against the SEC in the Federal Court of Appeals for the District of Columbia on August 29, 2023. This is a landmark ruling for the asset manager, which could pave the way for the launch of an ETF product First Bitcoin spot delivery.

The court overturned the SEC's decision to deny Grayscale's application to convert its Bitcoin fund into an ETF as "arbitrary and unwarranted" and that the SEC "failed to explain the difference in treatment." handling similar products". The court agreed with Grayscale's argument that since the SEC has approved several custodial agreements to prevent fraud in ETFs based on Bitcoin futures contracts, the same mechanism should also be applied to the fund. Grayscale spot, as both funds are based on the price of Bitcoin. The court said in its ruling that the SEC failed to explain why it disagreed with Grayscale's assertion that Bitcoin's spot and futures markets were 99.9% correlated.

So does #SEC have to agree to let Graysale convert the fund to a Bitcoin spot ETF? The court's ruling only forces the SEC to reconsider Grayscale's application, but does not mean the SEC will accept it. An SEC spokesperson said the agency is reviewing the court's ruling to determine next steps. However, many analysts see the ruling as a major step forward for the launch of Bitcoin spot ETFs in the US and could lead to a mass approval of other applications.

BTC-6.48%