SEC Won’t Appeal Loss in Grayscale Case, Boosting the Odds GBTC Can Become a Bitcoin ETF
The SEC was rebuked by a court in August for how it rejected Grayscale’s application to turn its bitcoin (BTC) trust into an ETF.
The regulator won’t appeal that loss, a person familiar with the matter said Friday, boosting the odds the Grayscale Bitcoin Trust (GBTC) can be turned into a more-appealing ETF.
BTC's price jumped on the news.
The Securities and Exchange Commission won’t appeal a court’s scathing reversal of its decision not to let Grayscale convert its bitcoin trust into a more investor-friendly exchange-traded fund, according to a person familiar with the matter, possibly clearing the way for the first bitcoin ETF in the U.S.
The markets regulator had until midnight Friday to decide on challenging the court’s decision, but the SEC will let that deadline come and go without appealing, the person said. Reuters reported the news earlier.