The U.S. Securities and Exchange Commission (SEC) has reportedly decided not to appeal a court ruling regarding Grayscale and its Bitcoin Trust product. Grayscale had sued the SEC after its bid to convert the Grayscale Bitcoin Trust into a Bitcoin ETF was rejected. A federal judge later ruled that the SEC must reconsider the application to avoid inconsistency. According to a source familiar with the matter, the SEC has no plans to appeal, potentially allowing the conversion of GBTC into a spot Bitcoin ETF. This would enable investors to gain exposure to Bitcoin without owning it. Grayscale is not the only firm seeking to launch a spot Bitcoin ETF, with BlackRock, Invesco, and Fidelity among those also applying. Former BlackRock managing director Martin Bednall believes that US regulators will likely approve all spot Bitcoin ETF applications simultaneously to avoid giving any one firm a first-mover advantage.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	None
Companies	Fidelity, BlackRock, Invesco, U.S. Securities and Exchange Commission (SEC), Grayscale
Currencies	Bitcoin
Securities	None