Grayscale Investments may convert its Bitcoin Trust product into an exchange-traded fund after a federal appeals court ordered the SEC to vacate its rejection.
Grayscale Investments could soon convert its Bitcoin Trust product into an exchange-traded fund after a federal appeals court ordered the Securities and Exchange Commission to vacate its rejection of the product Tuesday.
D.C. Circuit Court of Appeals Judge Neomi Rao wrote in an opinion that the SEC’s decision to approve two bitcoin futures funds, but to deny applications for a bitcoin spot ETF, was “arbitrary and capricious” and in violation of federal administrative law. “It is a fundamental principal of administrative law that agencies must treat like cases alike,” Rao wrote in her opinion, adding that the court agreed with Grayscale that “its proposed bitcoin exchange-traded product is materially similar to the bitcoin futures exchange-traded products and should have been approved to trade on NYSE Arca.”
The decision comes as a number of institutions, including BlackRock BLK, +0.42%, VankEck WisdomTree and Fidelity have all applied to sponsor spot bitcoin ETFs. Grayscale’s Bitcoin Trust GBTC trades at a discount to bitcoin spot prices, though analysts expect to shrink significantly if it is transformed into an exchange-traded product. GBTC shares jumped 16% following the decision, compared to a 5% gain in bitcoin prices early Tuesday.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
First bitcoin ETF could be coming soon as court rules in favor of Grayscale over SECFirst bitcoin ETF could be coming soon as court rules in favor of Grayscale over SEC.
Leer más »
SEC Must Review Grayscale's ETF Bid After Previous Rejection, Appeals Court RulesA federal appeals court ordered the SEC to 'vacate' its rejection of the trust issuer's bid to convert the Grayscale Bitcoin Trust into an exchange-traded fund.
Leer más »
Explainer: What's at stake in Grayscale's spot bitcoin ETF case against the SEC?The U.S. District of Columbia Court of Appeals will soon rule on whether the Securities and Exchange Commission (SEC) wrongly rejected an application from crypto asset manager Grayscale Investments to list an exchange-traded fund that tracks the price of bitcoin.
Leer más »
Breaking: Bitcoin Price Surges as Grayscale Emerges Victorious Against SEC in ETF CaseThe court has decided to side with leading crypto asset manager Grayscale in a landmark ETF case
Leer más »
BTC Explodes $1.5K as US Court Rules in Favor of Grayscale in Bitcoin ETF Case Against SECThe price of the primary cryptocurrency reacted with an immediate surge.
Leer más »
Bitcoin rallies more than 5% as court sides with Grayscale over the SEC in crypto ETF caseGrayscale's lawsuit against the SEC has been closely watched by the market as a key upside catalyst in a quiet market this year.
Leer más »