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SEC Faces Deadline to Appeal Court Ruling in Favor of Grayscale’s Bitcoin Fund Application

The United States Securities and Exchange Commission (SEC) has until October 13 to appeal a court decision in favor of Grayscale Investments, which would force the regulator to review the fund manager's application for a spot Bitcoin fund. While an appeal is unlikely, analysts suggest the SEC could still find ways to delay approval of Grayscale's spot Bitcoin ETF conversion.

Law firm Ropes & Gray warned that the GBTC application could be sent back for review to the SEC, giving the regulator another chance to reject it on a different basis. Currently, at least seven spot Bitcoin ETF applications are before the regulator for approval, with Grayscale's application being the most closely watched.

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