It was announced on the 13th (local time) that U.S. regulators will not appeal a court ruling to review the decision to return the Bitcoin spot exchange-traded fund (ETF).
Citing sources, Bloomberg News reported that the Securities and Exchange Commission (SEC) does not plan to appeal the ruling to re-examine the listing of Bitcoin ETF applied by asset management company Grayscale Investments.
The specific reason for not appealing is unknown.
Grayscale filed an application for listing with the SEC in 2021, saying it would convert its Bitcoin Fund (GBTC) into an ETF.
At the time of application, Grayscale’s Bitcoin fund was about $40 billion, the largest among financial products related to virtual assets, and attention was focused because it was the first application for listing on a spot ETF.
However, the SEC rejected it in June last year, and Grayscale filed a lawsuit.
In August, a federal appeals court in Washington, DC, ruled that the SEC should re-examine whether the Bitcoin ETF applied by Grayscale is listed.
The court said, “We failed to explain why SEC made a different decision from similar products,” and added, “Grayscale’s rejection of the application is an arbitrary and volatile decision.”
The SEC has already approved the listing of Bitcoin futures ETFs, but it is considered that there is no reasonable reason to return the listing of only spot ETFs.
If the SEC does not appeal, the SEC’s chances of approving Grayscale’s Bitcoin spot ETF could increase as much.
Several asset managers, including BlackRock and Ark Investment, the largest asset managers in the U.S., have also applied for the launch of Bitcoin spot ETFs.
After the report was reported, the price per bitcoin, which had moved from the $26,700 range on the same day, soared nearly 2% to the $27,100 range.
According to Coinbase, a U.S. cryptocurrency exchange, the price of each bitcoin was trading at $26,919, up about 1% from the previous day, as of 6 p.m. on the same day.
