Reuters and Bloomberg reports that the Securities and Exchange Commission has no plans to file a last-minute appeal against the August court ruling, citing unnamed sources.
In August, a federal appeals court ruled that the SEC was “arbitrary and frivolous” in rejecting Greyscale's application to convert the Grayscale Bitcoin Trust (BTC) into a spot market Bitcoin ETF. He explained that since the SEC has cleared the Bitcoin Futures ETF for trading, it can't rule out spot market products either.
The SEC has until midnight to appeal the ruling.
Crucially, however, the failure to file an appeal does not automatically mean that the greyscale bid will be approved. The court is expected to follow up with the SEC and ask the commission to reconsider the grayscale application. At that time, the SEC can still argue for rejection based on various reasons.
Bitcoin's price jumped nearly 1.3% in the minutes following reports that the SEC plans to drop its appeal.
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