Court Ruling Opens Door for Grayscale Bitcoin Trust to Become an ETF

2023-8-29 18:09

The Court of Appeals for the D.C. Circuit had just granted Grayscale Investments’ petition to review a Securities and Exchange Commission (SEC) order. This ruling vacates the SEC order that had blocked the Grayscale Bitcoin Trust from listing on the NYSE Arca exchange.

Grayscale Investments first applied for its GBTC closed-end fund to be converted into an exchange-traded fund (ETF) in October 2021. This ruling finally gives Grayscale the go-ahead to begin that process.

SEC Acted in an “Arbitrary and Capricious Manner”

In July 2022, the SEC denied a proposed rule change that would have allowed NYSE Arca to list the Grayscale Bitcoin Trust. The SEC claimed NYSE Arca did not have the proper surveillance-sharing agreement related to Bitcoin trading. Grayscale challenged this decision by filing a petition for review.

Read more: Here Is the Full List of Spot Bitcoin ETF Applications and Deadlines

Grayscale argued that the surveillance arrangements for Bitcoin futures ETFs should also satisfy the requirements for Grayscale’s spot Bitcoin ETF. It contended that both products rely on the underlying price of bitcoin, so the surveillance arrangements should be adequate for a spot bitcoin ETF just as they are for Bitcoin futures ETFs.

1/2

The full decision is a slaughterfest of the SEC arguments, and requires a full review of Grayscale's application.

SEC options from here on out are:

1. Delay decision and come up with new fake reason
2. Concede and approve
3. Request en banc appeal of the case. pic.twitter.com/4xqOdtOF0D

— Adam Cochran (adamscochran.eth) (@adamscochran) August 29, 2023

However, on August 29, 2023, the Court of Appeals sided with Grayscale. The court found the SEC exceeded its legal authority. It said the SEC acted in an “arbitrary and capricious manner” by requiring the surveillance-sharing agreement.

This judgment vacates the previous SEC order. Now the SEC must reconsider the proposed rule change for the Grayscale Bitcoin Trust. It can no longer demand the same surveillance-sharing agreement it claimed before.

The US Is on the Way to Its First Spot Bitcoin ETF

The ruling opens the door for the Grayscale Bitcoin Trust to move forward with listing on NYSE Arca. It is seen as a positive development for spot bitcoin exchange-traded funds (ETFs) in the United States.

The potential listing of the Trust could pave the way for other Bitcoin ETFs. Leading investment managers, including BlackRock, Invesco, and WisdomTree, await the outcome of their applications. In the case of BlackRock, controversy around shifts in its investment priorities and its presence in China may complicate the issue substantially.

Unsurprisingly, the price of Bitcoin spiked significantly following the announcement.

The post Court Ruling Opens Door for Grayscale Bitcoin Trust to Become an ETF appeared first on BeInCrypto.

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grayscale etf court trust opens bitcoin door

Источник: beincrypto.com

grayscale etf → Результатов: 126


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2021-4-15 15:21


Grayscale планирует преобразовать биткоин-траст в ETF

Управляющая активами компания Grayscale Investments намерена преобразовать биткоин-траст в торгуемый на бирже фонд (ETF) на базе первой криптовалюты. https://twitter. com/Grayscale/status/1379049665262465025 «Продукты Grayscale находятся на разной стадии жизненного цикла, но каждый из них в будущем будет преобразован в ETF», — говорится в сообщении.

2021-4-6 18:04


Фото:

Grayscale Investments готова преобразовать траст GBTC в ETF на биткоин

Управляющая криптовалютными фондами компания Grayscale Investments заявила о полной готовности преобразовать траст Grayscale Bitcoin Trust (GBTC) в биржевой торгуемый фонд (ETF) на биткоин после согласия SEC.

2021-4-5 16:54


Wilshire Phoenix подала заявку на запуск нового биткойн-траста

Компания по управлению активами Wilshire Phoenix, известная тем, что подавала заявку на запуск ETF на биткойн, направила в SEC регистрационную форму на создание нового биткойн-траста. Судя по всему, новый траст Wilshire Phoenix должен составить конкуренцию аналогичному продукту компании Grayscale Investments, который собрал более $3.

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FINRA approves Grayscale DLC; basket includes Bitcoin, Ethereum, XRP

Grayscale Investments got a green light from FINRA for a publicly-quoted security that derives its value from a basket of digital currencies, similar to ETF. The news was made official through a press release, which read, “Shares of Grayscale® Digital Large Cap Fund (DLC) have received approval from FINRA for public quotation under symbol: GDLCF […] The post FINRA approves Grayscale DLC; basket includes Bitcoin, Ethereum, XRP appeared first on AMBCrypto.

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