According to Reuters, the SEC will not appeal to the court regarding Grayscale's spot Bitcoin ETF case.
What Happened?
As it is known, Grayscale applied to the SEC to convert its Bitcoin Trust into a spot Bitcoin ETF, but the SEC rejected this request.
Grayscale objected to this decision of the SEC and took the situation to court.
The decision in this case was made in the last days of August, and the court found Grayscale right and decided that the SEC was wrong to reject Grayscale's spot Bitcoin ETF application.
It was eagerly awaited whether the SEC would appeal this decision. Today was the last day to appeal, but the SEC did not object to this decision.
After the news, Bitcoin price increased by 1 percent.
Experts say that after this situation, it is much more likely that the SEC will approve spot Bitcoin ETFs.
Then why did the price fall-back after the explosive news 1% high?