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The SEC will not appeal the Grayscale decision, bringing spot Bitcoin ETFs closer to reality
The SEC's decision not to challenge the August ruling means it will need to revisit Grayscale's application.
In a decisive development, the U.S. Securities and Exchange Commission (SEC) decided not to appeal a recent court ruling that rejected Grayscale Investments' application to create a spot Bitcoin exchange-traded fund (ETF) as unjust.
The Washington District Court of Appeals ruled in August that the SEC's decision to reject Grayscale's proposed bitcoin ETF was wrong. The SEC's decision not to contest the ruling could expedite the review of Grayscale's application.
A spot Bitcoin ETF will provide investors with the opportunity to invest in the world's largest cryptocurrency by market capitalization without having to own it directly. However, the SEC has consistently rejected all spot Bitcoin ETF applications, including Grayscale, citing a lack of adequate measures in place to protect investors from market manipulation.
In response, Grayscale argued that certain oversight agreements approved by the SEC to stop fraud in ETFs based on Bitcoin futures should be sufficient for their spot ETFs.
Grayscale's legal action hinges on the SEC's inconsistent treatment of spot and futures Bitcoin ETFs, although both carry similar risks and are priced based on the same underlying spot market. The premise of this argument is that both spot and futures funds depend on the price of Bitcoin. The appeals court agreed, saying the SEC arbitrarily dismissed Grayscale's application by failing to explain the material differences between the two arrangements.
The news was warmly welcomed by the crypto community, and after the news, the price of Bitcoin (BTC) broke through $27,000.
The SEC's refusal to appeal the court's ruling paved the way for other asset managers, including BlackRock, Fidelity, and Invesco, which are filing similar spot Bitcoin ETF filings with the SEC. The SEC is expected to make a decision on these applications by next year at the latest.