A US court has issued an injunction on the Greyscale ruling, paving the way for the SEC to review Bitcoin ETFs.
A US appeals court has issued an order following a decision requiring a review by the Securities and Exchange Commission of Greyscale Investments' application for a spot on a bitcoin exchange-traded fund.
On Oct. 23 at the United States Court of Appeals for the District of Columbia Circuit, the court's “formal jurisdiction” came into play, paving the way for the SEC to review its decision on Greyscale's spot Bitcoin (BTC) exchange. The fund or ETF was authorized on August 29 following the court's initial decision and the SEC's decision on October 13 not to appeal.
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The October 23 ruling reaffirmed the court's August 29 ruling, giving Greyscale a second chance to convert the Greyscale Bitcoin Trust into a listed BTC ETF. To date, the SEC has yet to approve a single crypto ETF to list on US exchanges, but it has given the green light to investment vehicles linked to Bitcoin and Ether (ETH) futures.
On October 19, Grayscale filed a registration statement with the SEC to list its bitcoin trust shares on the New York Stock Exchange, Arca, under the symbol GBTC. The investment firm and other major firms — including BlackRock, ARK Investments and Valkyrie — have crypto ETF applications pending with the SEC.
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