SEC Accepts Court Decision on Grayscale Bitcoin ETF, Boosting Chances for Approval

The U.S. Securities and Exchange Commission (SEC) has decided not to appeal a court ruling that found it was wrong to reject Grayscale Investments' application to create a spot bitcoin exchange-traded fund (ETF). The court ruled that the SEC arbitrarily denied Grayscale's application and failed to explain why it treated spot and futures funds differently. This decision paves the way for the SEC to review Grayscale's application, potentially opening the door for a spot bitcoin ETF. Other asset managers, including BlackRock, Fidelity, and Invesco, also have similar filings pending with the SEC for a spot bitcoin ETF. The SEC is expected to decide on those applications by next year.