The United States Securities and Exchange Commission (SEC) has reportedly decided not to appeal a recent court ruling in favor of Grayscale Investments. The ruling requires the SEC to review Grayscale’s application for a spot Bitcoin exchange-traded fund (ETF). While Bloomberg analysts believe this decision does not guarantee approval for Grayscale’s application, it does mean that the SEC will need to follow the court’s order and review the application. The appeals court is expected to issue a mandate outlining how the ruling should be executed by the SEC. Dialogue between Grayscale and the SEC is expected to begin next week, with more information on next steps to follow. If the SEC denies the application, Grayscale could appeal the decision, further prolonging the process. Currently, there are around seven spot Bitcoin ETF applications awaiting a decision from the SEC. Analysts predict a 90% chance of approval for a spot Bitcoin ETF application in January 2024, specifically Cathie Wood’s ARK Invest application. Overall, there is a 75% chance of an application being approved in 2023.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Eric Balchunas, James Seyffart
Companies	D.C. Circuit Court of Appeal, Reuters, Grayscale Bitcoin Trust (GBTC), United States Securities and Exchange Commission (SEC), Supreme Court, Grayscale Investments, Cathie Wood’s ARK Invest., Bloomberg
Currencies	Bitcoin
Securities	None