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HomeBusinessAs the SEC declines to contest the ETF loss, the price of...

As the SEC declines to contest the ETF loss, the price of bitcoin surges above $28,000.

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Image by Mohamed Hassan from Pixabay

The Securities and Exchange Commission (SEC) is expected to make decisions about spot Bitcoin exchange-traded funds (ETFs) in the near future, as well as the conversion of the Grayscale Bitcoin Trust into a spot Bitcoin ETF.

This month, the regulator may decide whether to approve the first of these ETFs—as requested by BlackRock, Invesco, and other financial juggernauts this summer—and whether to appeal Grayscale’s legal victory that paves the way for the conversion of the trust.

When it was announced that the SEC would not appeal a decision in Grayscale’s case against authorities last week, bitcoin spiked on Friday. Grayscale filed a lawsuit against the SEC in June 2022 after the agency rejected its request to convert the well-known Grayscale Bitcoin Trust (GBTC) into an ETF.

The D.C. Court of Appeals described the SEC’s refusal as “arbitrary and capricious.” The news on Friday was interpreted by many investors as an indication that the SEC would soon approve Grayscale’s application to list GBTC shares.

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An unverified claim that the Securities and Exchange Commission had officially approved the iShares spot bitcoin ETF caused bitcoin to briefly climb above $28,000 on Monday morning. However, the coin immediately gave up those gains when major media outlets were unable to confirm the news.

Reuters stated that the appeals court is now anticipated to issue a mandate detailing how it would carry out the judgment, which probably instructs the SEC to review Grayscale’s application.

It does not necessarily follow that Grayscale’s application will be granted. However, it is just another sign that the SEC is getting closer to approving the launch of spot bitcoin ETFs.

Applications for crypto ETFs are being developed by several additional companies.

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