SEC Doesn’t Plan To Appeal Grayscale Bitcoin ETF Decision
The United States Securities and Exchange Commission
has decided against appealing a recent court ruling that stated the commission was wrong in rejecting an application from Grayscale Investments
to create a stop bitcoin exchange-traded fund (ETF).
The Securities and Exchange Commission
had until Friday midnight to decide on whether it wanted to challenge the court’s decision. However, the SEC let that deadline pass without filing an appeal.
The price of Bitcoin pushed past the $27,000 mark following the news of the SEC deciding against appealing.
Following the SEC’s denial, Grayscale sued the regulator, arguing that the agency had previously approved certain surveillance agreements designed to prevent fraud in bitcoin futures-based ETFs.
The DC Circuit Court of Appeals seemed to agree with Grayscale, ruling that the Security and Exchange Commission’s denial of the application to convert the Grayscale Bitcoin Trust (GBTC) into an ETF was invalid. The court stated that the decision must be reviewed and called it ‘capricious’ and ‘arbitrary.’
