The court made a final ruling on the case of Grayscale v. SEC, returning the approval power of Bitcoin ETF to the SEC
FOX Business journalist Eleanor Terrett posted on social media that the District of Columbia Appeals Court has officially made a final ruling on the Grayscale vs. SEC case. There is no new content, only a formal authorization statement.
Grayscale has obtained a court order on the issue of Bitcoin ETF with the US SEC. The court ruling returns the approval authority of Bitcoin ETF to the US SEC, and the US SEC has been instructed to take the next step in dealing with the Grayscale Bitcoin ETF plan.
All spot Bitcoin ETF applications may be approved at the same time
Stuart Barton, the cryptocurrency ETF expert and Chief Investment Officer of Volatility Shares, predicts that all applications for spot Bitcoin exchange-traded funds (ETFs) submitted to the U.S. Securities and Exchange Commission (SEC) may be approved at the same time.
In June, Volatility Shares' 2x Bitcoin Strategy ETF (BITX) became the first leveraged cryptocurrency ETF in the United States. Volatility Shares was also the first company to submit an Ethereum futures ETF application.
Barton said, "We applied first, but we did not have a first-mover advantage when all applications were approved at once. This is a precedent-setting event, and the SEC may follow this pattern when considering spot Bitcoin ETFs."
BlackRock Says in Amendment It Wants to Prepare Seed Capital for Its Bitcoin Spot ETF in October
On October 24th, American financial lawyer Scott Johnsson stated on his social media platform that, through studying BlackRock's submitted S-1 amendment, he discovered that BlackRock has obtained a CUSIP (Committee on Uniform Securities Identification Procedures) Number for the preparation of a Bitcoin spot ETF, with the Chinese name: US Securities Cusip Number/Securities Uniform Identification Code.
In addition, BlackRock stated in the document that they hope to prepare seed capital for the Bitcoin spot ETF in October. The lawyer stated that this is earlier than he imagined, but it may mean nothing.
Note: Whenever an ETF is launched, the issuing company must purchase the underlying assets to meet future demand for the product.
SEC Commissioner Hester Peirce: Bitcoin spot ETF should have been approved 5 years ago
Hester Peirce, a cryptocurrency supporter and SEC commissioner, said in an interview that a Bitcoin ETF should have been approved five years ago. She also said, "The logic behind why the SEC has not approved a Bitcoin ETF for spot Bitcoin has always puzzled me."
Spot Bitcoin ETF Excitement Hits Main Street, Google Search Indicates
Interest in the impending increased use of bitcoin (BTC) in financial markets through a potential spot exchange-traded funds (ETF) has filtered through to retail investors, Google Trends data appears to show.
Federal Court to Formalize Grayscale's Win Against SEC in Bitcoin ETF Dispute
Grayscale Investments is awaiting a federal court decision to formalize their win against the Securities and Exchange Commission (SEC) in a dispute over a spot bitcoin exchange traded fund (ETF) application. The court may direct the SEC towards a specific timeline for rethinking the application, but it is uncertain. If approved, Grayscale plans to list the ETF on NYSE Arca, making it widely available to investors. The SEC could still reject the application again for different reasons, or give in and approve it along with other ETF applications from financial giants BlackRock and Fidelity.
Grayscale Files New Application for Bitcoin ETF with SEC
Grayscale has filed an application with the SEC for its Grayscale Bitcoin Trust to become a spot Bitcoin ETF listed on the NYSE. The company is ready to operate as an ETF pending regulatory approval, and is hopeful for a collaborative and expedited process with the SEC. Grayscale recently won a court victory over the SEC, improving the odds of a spot Bitcoin ETF being approved in the coming months. However, the company's parent company, Digital Currency Group, is being sued by the New York State Attorney General, which could complicate Grayscale's efforts to list a product on the NYSE.
Spot Bitcoin ETF Could Trigger a 155% BTC Explosion, According to CryptoQuant- Here's the Timeline
CryptoQuant, an on-chain data provider, predicts that the approval of a Bitcoin exchange-traded fund (ETF) by the SEC could cause the price of BTC to increase by over 150%. If Wall Street firms that have applied to issue a spot Bitcoin ETF allocate even a small fraction of their assets under management to BTC, billions of dollars could flow into the market and double the price of Bitcoin.
Even if Grayscale wins the case, the court does not have the authority to require the SEC to approve the conversion of GBTC into an ETF
On October 19, SEC Chairman Gary Gensler stated in an interview with Bloomberg that the SEC has received 8-10 filings from ETF issuers and is awaiting recommendations from staff on the approval process. Bloomberg ETF analyst Eric Balchunas stated that courts mostly reiterate what they have already said and will not require the SEC to convert GBTC (to a spot ETF) as it is not within the court's power. Therefore, even if Grayscale GBTC wins, the SEC still controls its fate to some extent.
Fidelity files updated version of its spot Bitcoin ETF filing
According to a public regulatory document, Fidelity has submitted an updated version of its Bitcoin ETF S-1 filing to the SEC. Bloomberg ETF analyst James Seyffart commented that there is more evidence that potential Bitcoin ETF issuers are communicating with the SEC about the changes/revisions required for approval, which is a positive sign, and more issuers may submit updated versions in the coming weeks and months.
