{"id":23996,"date":"2023-10-14T10:06:13","date_gmt":"2023-10-14T10:06:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/chances-for-a-first-us-bitcoin-etf-increase-as-sec-drops-grayscale-appeal\/"},"modified":"2023-10-14T10:06:13","modified_gmt":"2023-10-14T10:06:13","slug":"chances-for-a-first-us-bitcoin-etf-increase-as-sec-drops-grayscale-appeal","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/chances-for-a-first-us-bitcoin-etf-increase-as-sec-drops-grayscale-appeal\/","title":{"rendered":"Chances For a First US Bitcoin ETF Increase as SEC Drops Grayscale Appeal"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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After facing a setback in August<\/a> from the D.C. Circuit Court of Appeals, the Securities and Exchange Commission (SEC) has chosen not to challenge the court\u2019s decision regarding Grayscale\u2019s application. This move makes it increasingly likely for Grayscale Bitcoin Trust (GBTC) to transform into a sought-after exchange-traded fund (ETF).<\/p>\n

The court had previously found fault with the SEC\u2019s refusal of Grayscale\u2019s appeal to convert its bitcoin trust. The court labeled the SEC\u2019s decision as \u201carbitrary and capricious\u201d and emphasized the need for federal agencies to handle similar cases in the same manner. In the words of Circuit Judge Neomi Rao, \u201cThe Securities and Exchange Commission recently approved the trading of two bitcoin futures funds on national exchanges but denied approval of Grayscale\u2019s bitcoin fund.\u201d<\/p>\n

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When the public caught wind of the SEC\u2019s decision not to appeal, the reaction was immediate. Bitcoin<\/a>\u2019s value surged past the $27,000 mark according to CoinMarketCap data.<\/p>\n

The SEC had the option to appeal the court\u2019s decision until midnight Friday. However, as sources reported and Reuters confirmed, the regulator chose not to proceed with any appeal.<\/p>\n

While the SEC\u2019s next move regarding Grayscale\u2019s application remains uncertain, it is clear that they retain the power to reject the application. However, they would need to present reasons different from the ones the court previously invalidated. If such a situation arises, Grayscale can opt to contest the decision in court.<\/p>\n

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Dating back to October 2021, Grayscale expressed its desire to transition<\/a> its closed-end fund into an ETF. Recognized as the world\u2019s largest cryptocurrency fund, GBTC has experienced a reduction in its bitcoin holdings\u2019 value since February 2021. This drop was noticeable, with the discount even touching 50% at times. However, it has since stabilized, fluctuating around the 17% mark.<\/p>\n

Grayscale remains firm in its stance that GBTC\u2019s conversion into an ETF would bridge the gap between the fund\u2019s price and its underlying bitcoin. Such a change would introduce a creation-redemption model, enabling the addition or withdrawal of ETF shares based on demand.<\/p>\n<\/p><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) After facing a setback in August from the D.C. Circuit Court of Appeals, the Securities and Exchange Commission (SEC) has chosen not to challenge the court\u2019s decision regarding Grayscale\u2019s application. This move makes it increasingly likely for Grayscale Bitcoin Trust (GBTC) to transform into a sought-after […]<\/p>\n","protected":false},"author":5,"featured_media":23997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23996"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23996"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23997"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}