– The U.S. Securities and Exchange Commission (SEC) has no plans to appeal the recent court decision in favor of Grayscale Investments.
– The ruling requires the SEC to review Grayscale’s spot Bitcoin (BTC) exchange-traded fund (ETF) application.
– Bloomberg analysts also expect the SEC not to appeal to the Supreme Court, but this doesn’t guarantee approval for Grayscale’s application.
– If the reports are true, the SEC will need to review Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
– The appeals court is expected to issue a mandate outlining how the ruling should be executed by the SEC.
– Bloomberg ETF analyst James Seyffart believes that more information on the next steps will be available in the coming weeks.
– If the SEC denies the application, Grayscale can appeal the decision.
– There are currently around seven spot Bitcoin ETF applications awaiting a decision from the SEC.
– Seyffart predicts a 90% chance of a spot Bitcoin ETF application being approved in January 2024.
– Seyffart and Bloomberg senior ETF analyst Eric Balchunas previously suggested a 75% chance of an application being approved in 2023.