Bloomberg Analyst James Seyffart has described the US Securities and Exchange Commission's (SEC) loss against Grayscale as a complete rejection of the agency's position. The D.C Circuit Court of Appeal rejected the SEC's views on the Grayscale Bitcoin Trust (GBTC) conversion into a spot Bitcoin ETF.

Seyffart believes the SEC's views made little sense as it differentiated between the spot and futures ETF applications. The approval of a Bitcoin ETF is only a matter of time, with the fate of the Bitcoin ETF race likely to be decided in early 2024.