The U.S. Securities and Exchange Commission (SEC) has decided not to appeal a court ruling that found it unjust to reject Grayscale Investments’ application to create a spot bitcoin exchange-traded fund (ETF). The court had ruled in August that the SEC’s rejection was erroneous, and the SEC’s decision not to contest the ruling could expedite the review of Grayscale’s application. A spot Bitcoin ETF would allow investors to gain exposure to the cryptocurrency without directly owning it. The SEC has consistently denied spot Bitcoin ETF applications, citing concerns about investor protection from market manipulation. Grayscale argued that the SEC’s approval of surveillance agreements for Bitcoin futures-based ETFs should be sufficient for their spot ETF. The court agreed, stating that the SEC failed to explain the material difference between spot and futures ETFs. This decision opens the door for other asset managers, such as BlackRock and Fidelity, who have similar filings pending with the SEC for a spot Bitcoin ETF. The SEC is expected to decide on these applications by next year.

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