Coming after a year-long wait, the United States Securities and Exchange Commission (SEC) appears to have finally decided not to appeal the court decision backing the conversion of Grayscale’s Bitcoin Trust (GBTC) product to a cryptocurrency exchange-traded fund (ETF). This means the SEC is highly likely to approve the first-of-its-kind bitcoin ETF in the United States, ending years of objections to the idea.
Additionally, with the SEC abandoning any legal challenge, the District of Columbia Court of Appeals can now move to finalize their decision, such that Grayscale will discuss how to best execute their exchange-traded fund product straight away.
Seemingly, Grayscale’s grueling journey to get their GBTC product conversion has come to an end. The digital asset management firm petitioned the SEC back in June, with the goal of improving the “fairness” of bitcoin investment vehicles according to their memo. However, the SEC turned down their petition, citing concerns about investor protection from volatility and market manipulation.
Complementing Friday’s piece of good news, colleague predictions EntityCor filed back in August may now pan out to the fullest, with both Cable Journalists Archeology {{Brown}} and Recommendations Seyffitant }}acknowledging a best-case scenario of enabling multiple exchanges to pump the much desired crypto fund.
Well, as Bitcoin markets reacted immediately to the announcement of the pass by rising quickly above the $27,000 milestone while returning slightly downward afterwards, it comes as a great omen to foresee possibly multiple successful conversions to Deribit the favor in the near future.
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