The U.S. Securities and Exchange Commission (SEC) has decided not to pursue an appeal in Grayscale’s case regarding a spot Bitcoin Exchange-Traded Fund (ETF).
This decision by the US SEC brings an interesting twist to the ongoing saga of cryptocurrency-based ETFs.
The story began when Grayscale, a crypto investment firm, submitted an application to the SEC, seeking approval to transform its Bitcoin Trust into a spot Bitcoin ETF.
However, the US SEC responded by denying Grayscale’s request, citing regulatory concerns.
Unhappy with the SEC’s decision, Grayscale took the issue to court, sparking a legal battle. After a period of deliberation, the court ruled in favor of Grayscale, saying that the US SEC had made an incorrect decision in rejecting Grayscale’s spot Bitcoin ETF application.
Recently, the SEC decided not to appeal the ruling. This decision is significant and has left the crypto community speculating on its implications.
Also, experts in the crypto and regulatory fields believe that the SEC’s choice not to appeal could be a positive sign for the future of spot Bitcoin ETFs.