The United States Court of Appeals has issued a mandate following a ruling requiring Grayscale Investments’ application for a spot Bitcoin exchange-traded fund to be reviewed by the Securities and Exchange Commission (SEC).
In a filing with the U.S. Court of Appeals for the District of Columbia on October 23, the court’s “formal mandate” came into effect, paving the way for the SEC to review its decision on Grayscale’s spot Bitcoin (BTC) exchange-traded fund, or ETF . The mandate followed the court’s initial ruling on August 29 and the SEC’s failure to file an appeal by October 13.
Oct. 23 Filed in U.S. Court of Appeals for the District of Columbia Circuit. Source: Courtlistener
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The Oct. 23 mandate upheld the court’s Aug. 29 ruling and gave Grayscale a second bite in converting its Bitcoin Trust (GBTC) into a publicly traded BTC ETF. To date, the SEC has never approved a spot crypto ETF for listing on US exchanges, but has given the green light to investment vehicles linked to BTC and Ether (ETH) futures.
On October 19, Grayscale filed a registration statement with the SEC to list shares of its Bitcoin Trust Arca on the New York Stock Exchange under the ticker symbol GBTC. The investment firm, along with major firms such as BlackRock, ARK Investment and Valkyrie, has spot crypto ETF applications pending with the SEC.
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