So-called “spot” Bitcoin exchange traded funds (ETFs) — which are “Bitcoin only” or “pure Bitcoin” funds — have been a holy grail concept for crypto aficionados for some time, but have long faced legal stalling from regulators.
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Investors and investment managers have anxiously been awaiting approvals from the Securities and Exchange Commission (SEC) regarding Bitcoin ETFs, as several companies have filed for the approval of such funds with the SEC — approvals which have either been rejected or delayed.
Now, though, it appears things may begin to change.
As Bloomberg reported on Oct. 16, the SEC will not ask a federal appeals court to reconsider a ruling that paves the way for Grayscale Investments to launch a spot Bitcoin ETF, according to a person familiar with the matter. Some experts are viewing this outcome as a watershed moment.
In October 2021, Grayscale announced it had filed with the SEC to convert its Bitcoin Trust into a Bitcoin Spot ETF “on the heels of the SEC’s clearance of a Bitcoin Futures ETF,” according to an announcement. The filing faced opposite from the SEC, however.
In August, in a highly anticipated decision, the U.S. Court of Appeals for the District of Columbia Circuit vacated the SEC’s decision.
“The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We therefore grant Grayscale’s petition and vacate the order,” court documents read.
A Grayscale spokeswoman indicated the Federal Rules of Appellate Procedure’s 45-day period to seek rehearing has now passed.
“The Court will now issue its final mandate within seven calendar days. The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC’s approval, and we look forward to sharing more information as soon as practicable,” she added.
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Is An Approval Likely To Arrive Soon?
According to Thomas Hogan, former chief economist from the U.S. Senate Banking Committee and economist with the American Institute for Economic Research, although there has been no…
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