#AHORA 💣BOMB 💣
#SEC must review #Grayscale exchange-traded fund offer after its previous rejection, appeals court says
A federal appeals court has ordered the SEC to "set aside" its rejection of the trust issuer's bid to convert Grayscale Bitcoin Trust into an exchange-traded fund.
The United States may be on the verge of getting its first #bitcoins cash exchange-traded fund, after a federal court ruled that the U.S. Securities and Exchange Commission (SEC) must review its rejection of Grayscale Investments' attempt to convert Grayscale Bitcoin Trust (GBTC) at #ETF
The legal victory potentially opens the door to a spot bitcoin ETF in the U.S. Proponents have long argued that allowing this type of product would allow more of the general public to invest in bitcoin without having to go through the hassle of buying it outright or dealing with potential problems like the collapse of your escrow providers. The SEC has disapproved all of the ETF applications it has reviewed to date, although a new group of applicants now hopes to be successful.
Circuit Judge Neomi Rao, writing the opinion for the D.C. Circuit Court of Appeals, said federal agencies should "treat similar cases equally."
"The Securities and Exchange Commission recently approved two bitcoin futures funds for trading on national exchanges, but denied approval of Grayscale's bitcoin fund. In requesting review of the Commission's denial order, Grayscale maintains that its "Proposed bitcoin exchange product is materially similar to bitcoin futures exchange-traded products and should have been approved for listing on NYSE Arca. We agree," he said.
