1 year ago
The U.S. Securities and Exchange Commission (SEC) erstwhile again holds the reins erstwhile it comes to evaluating Grayscale’s spot bitcoin exchange-traded money (ETF) application. On October 23, 2023, the U.S. Court of Appeals for the D.C. Circuit delivered a directive, compelling the SEC to instrumentality different look astatine the company’s prospectus. Now, the SEC stands astatine a crossroads: greenlight Grayscale’s connection oregon pinpoint alternate reasons for rejection.
Court Mandate Urges SEC to Reassess Grayscale’s Bitcoin ETF Application
In precocious August, Grayscale secured a victory astatine the U.S. Court of Appeals for the D.C. Circuit successful its spot bitcoin conversion suit against the SEC. Grayscale labeled the determination arsenic a “monumental step” successful its ongoing conflict with the regulator. Not becoming complacent, the steadfast dispatched a letter successful September, prodding the securities watchdog to accelerate the support process.
While the SEC could person contested the ruling, they fto the accidental slip by, and insiders conveyed to the media that an entreaty wasn’t connected the cards. Unwavering, Grayscale refreshed its attack with an updated S-3 submission to the SEC. With the court’s latest directive, it’s backmost to the drafting committee for the SEC; they indispensable revisit Grayscale’s lawsuit and either springiness it the motion oregon cull it connected caller grounds.
The SEC isn’t conscionable dealing with Grayscale; they’ve got a stack of astir a twelve spot bitcoin ETF registration requests to sift through. This includes heavyweight fiscal submissions from the likes of Blackrock, Fidelity, Invesco, and Franklin Templeton. Meanwhile, connected Monday, Bloomberg Intelligence’s pb analyst, Eric Balchunas, unveiled connected societal web X that the Depository Trust & Clearing Corporation (DTCC) had cataloged the Ishares Bitcoin Trust nether the ticker “IBTC.”
Following the Grayscale revelations and the DTCC’s summation of IBTC, bitcoin’s worth surged connected Monday, nearing $31,800 connected Monday. As for GBTC, its shares person seen an uptick concerning the discount to its nett plus worth (NAV). A stark opposition to the hefty 48% discount from 10 months prior, it dwindled to a specified 11.03% connected October 20, 2023, arsenic per ycharts.com data.
What bash you deliberation astir the tribunal bid filed connected Monday? Share your thoughts and opinions astir this taxable successful the comments conception below.
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