The United States Court of Appeals has issued a mandate, demanding a review of Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).
In an Oct. 23 filing in the U.S. Court of Appeals for the District of Columbia Circuit, the court’s “formal mandate” came into effect, clearing the path for the SEC to review its decision on Grayscale’s spot Bitcoin ETF. The mandate was a result of the court’s initial ruling on Aug. 29 and the SEC’s failure to appeal by Oct. 13.
Related: Bitcoin ETF to trigger massive demand from institutions, EY says
The Oct. 23 mandate reaffirmed the court’s Aug. 29 ruling, giving Grayscale another opportunity to convert its Grayscale Bitcoin Trust into a listed BTC ETF. So far, the SEC has not approved any spot crypto ETFs for listing on U.S. exchanges, but it has given the go-ahead for investment vehicles tied to Bitcoin and Ether (ETH) futures.
On Oct. 19, Grayscale submitted a registration statement to the SEC to list shares of its Bitcoin Trust on the New York Stock Exchange Arca with the ticker symbol GBTC. Alongside Grayscale, other major companies like BlackRock, ARK Investment, and Valkyrie also have pending spot crypto ETF applications with the SEC.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
