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Home » Court confirms SEC must review Grayscale’s Bitcoin ETF application

Court confirms SEC must review Grayscale’s Bitcoin ETF application

On October 13, the US Securities and Exchange Commission (SEC) decided not to appeal the court ruling ordering it to review Grayscale’s Bitcoin spot ETF application. Today, 10 days later, the responsible court confirms that Because of this lack of appeal, the SEC must comply with the measure.

He text The judge’s opinion is short and concise. It consists of a single sentence: “Pursuant to the judgment dated August 29, 2023 and in accordance with Federal Circuit Rule 41, this constitutes the formal order of this court.”

The mentioned ruling was duly reported by CriptoNoticias. That’s what it said The SEC’s refusal to review Grayscale’s application was “arbitrary and capricious.”.

Recall that Grayscale intends to convert its GBTC fund (listed on secondary markets) into an ETF that can be listed on exchanges regulated by the SEC.

After this news was announced, Bitcoin price reacted upwards, as shown in the chart below TradingView:

Bitcoin price, 4-hour candles – Source: TradingView.

It should be noted that today’s court statement is only about the lack of an administrative procedure. It was already expected and there are no news or surprises due to its release. Therefore, one might assume that this rise in BTC price is a product of retail investors’ emotions and FOMO. If so, it wouldn’t be unusual for a correction to occur when this emotion subsides.

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