SEC Has ‘No Grounds’ to Reject Bitcoin ETF Conversion, Grayscale Says
The SEC was last week ordered to review its prior rejection of the conversion of the Grayscale Bitcoin Trust (GBTC), though not necessarily to approve it.
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The SEC was last week ordered to review its prior rejection of the conversion of the Grayscale Bitcoin Trust (GBTC), though not necessarily to approve it.
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Bitcoin ETFs are a flashbulb moment for Wall Street on the importance of global money. (Jack Carter/Unsplash, modified by CoinDesk)
Coinbase’s potential involvement in spot bitcoin ETFs could serve as part of the SEC’s reconfigured arguments for rejecting the applications, the report said.
The ruling could lead to Grayscale’s GBTC converting into a bitcoin ETF, which would allow redemptions, making Alameda’s suit unnecessary, Bloomberg Intelligence analysts said in a note on Wednesday.
The crypto industry’s campaign to set up exchange-traded funds (ETFs) has now pushed the U.S. Securities and Exchange Commission against a wall with Grayscale Investments’ consequential court win, but it’s still up to the agency to decide whether to retreat or keep fighting.
The U.S. Court of Appeals, in rebuking the securities watchdog, shows that Gary Gensler won’t get the last word on crypto.
“The odds of a spot Bitcoin ETF launching this year are up to 65%, in our eyes, after a flurry of developments,” analysts James Seyffart and Eric Balchunas wrote. They previously assigned a 50% probability.
The discount has been narrowing on hopes the SEC might soon approve a spot bitcoin ETF.