A federal judge has overturned the United States Securities and Exchange Commission’s (SEC) decision to deny an exchange-traded fund (ETF) offering from Grayscale Investments through its Bitcoin BTC Trust. The court ruled that the SEC’s justification of denying Grayscale’s Bitcoin ETF was insufficient and the matter will return to the commission for review.The SEC has denied all spot crypto ETF offerings in the U.S., though many applications are currently being reviewed, including those from BlackRock, ARK Invest, Bitwise Asset Management, VanEck, WisdomTree, Invesco and Galaxy Digital, Fidelity and Valkyrie. The commission has the means to keep delaying a decision or otherwise pushing the final deadline for approval on the majority of the aforementioned applications until March 2024.At the time of publication, the SEC had not publicly commented on the appeals court decision but reportedly said it would be reviewing the case to determine its next steps. The commission will likely have the opportunity to appeal the decision, but many experts have claimed that the initial Grayscale victory could pave the way for eventual approval.Tim Bevan, CEO at ETC Group, believes that spot BTC ETFs are coming to the U.S. and the SEC will likely act by approving applications that meet requirements, probably in Q1 ’24. Alex Adelman, CEO and co-founder of Lolli, said the appeals court ruling would “put new pressure on the SEC” in its justification for rejecting spot Bitcoin ETF applications.The Crypto Council for Innovation (CCI) said the ruling opened the door to a wider range of investors looking to offer a spot BTC vehicle in the United States. The next steps for either Grayscale moving forward with its application or the SEC appealing the decision are unclear. The asset manager could refile with the SEC aimed at making the spot investment vehicle application more like that of a Bitcoin futures-linked ETF.

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Information	Details
Geography	North America
Countries	🇺🇸 🇩🇪
Sentiment	neutral
Relevance Score	8
People	Jacobi, Tim Bevan, Alex Adelman, CCI., Neomi Rao
Companies	U.S. Court of Appeals for the District of Columbia Circuit, Fidelity, BlackRock, Valkyrie, SEC, ARK Invest, WisdomTree, Galaxy Digital, VanEck, Grayscale Investments, Crypto Council for Innovation, Binance., Invesco, ETC Group, Bitwise Asset Management
Currencies	US Dollar, Bitcoin, Euro, Ethereum
Securities	None