Grayscale, which won the case it filed against the SEC with the court's decision in late August, is waiting for its spot Bitcoin ETF application to the SEC to be approved.
While the court ruled in favor of Grayscale, the SEC has the right to appeal this decision, and the SEC's appeal period expires today.
At this point, while investors and the market are looking forward to the approval of spot Bitcoin ETFs, analysts think that if the SEC does not appeal the court's decision on Grayscale today, all applications may be approved.
Eric Balchunas and James Seyffart, senior ETF analysts at Bloomberg Intelligence, believe that the SEC is unlikely to appeal, in their post on their Twitter account.
At this point, Eric Balchunas said that even if the SEC does not appeal, there is always the possibility of another mishap.
James Seyffart also stated the same opinion and claimed that the SEC is unlikely to reject spot Bitcoin ETF applications on new grounds, but that they may look for ways to delay approvals.
Apart from Bloomberg analysts, an analyst named Crypto Rover said the following in his post:
“All spot Bitocin ETFs may be approved on Friday. Here's why:
Friday is the deadline for the SEC to appeal the Grayscale Bitcoin Spot ETF decision.
If the SEC does not appeal the court's decision, it will have no option to reject other Spot Bitcoin ETFs and will therefore have to approve them all.
So if the SEC does not object by the end of Friday, we are guaranteed to see all Spot ETFs approved.”
All #Bitcoin Spot ETFs might be approved today,
and here's why:
Today is the final day for the SEC to appeal the Grayscale Bitcoin Spot ETF decision.
If they fail to appeal the court's ruling by the end of the day, they won't have any avenues left to deny other Spot Bitcoin… pic.twitter.com/x6xFjGyhzD
— Crypto Rover (@rovercrc) October 13, 2023
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.
In its decision, the court stated that the rejection of Grayscale's offer was arbitrary and irregular because the SEC could not explain the different treatment of similar products.
*This is not investment advice.
