The United States Securities and Exchange Commission (SEC) is approaching its deadline to appeal a court decision in favor of Grayscale Investments. The court ruled that the SEC must review Grayscale’s application for a spot Bitcoin fund. While it is unlikely that the SEC will appeal the decision, analysts believe there are still ways for the regulator to delay the approval of Grayscale’s spot Bitcoin ETF conversion. The SEC has three options: appeal to the U.S. Supreme Court, request the Appeals Court to revisit its ruling, or review Grayscale’s bid to change its Grayscale Bitcoin Trust into a spot Bitcoin ETF. Bloomberg ETF analysts believe an appeal is unlikely but suggest that the SEC could find other ways to delay the approval. A law firm warns that the SEC could send the GBTC application back for review, giving them another chance to reject it. Another delay scenario could occur if the New York Stock Exchange has to make a new filing to list GBTC, which could result in an eight-month decision-making process by the SEC. Currently, there are seven spot Bitcoin ETF applications awaiting approval from the SEC, all of which have faced delays. The approval of Grayscale’s application is crucial as it could set a precedent for other applications. Bloomberg analysts estimate a 75% likelihood of an approved spot Bitcoin ETF this year, increasing to 95% by the end of 2024.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Eric Balcunas, James Seyffart
Companies	Grayscale Investments, D.C. Circuit Court of Appeals, New York Stock Exchange, United States Securities and Exchange Commission, Grayscale Bitcoin Trust (GBTC), U.S. Supreme Court, Ropes & Gray
Currencies	Bitcoin
Securities	None