According to ReutersU.S. regulator SEC will appeal of the decision concerning the transformation from GBTC funds from Grayscale at ETFrekindling hopes of a fund at cash on Bitcoin listed at US.
In the case of Grayscale to the Security of Exchange Commission the federal agency will not appeal the judge’s latest decision, reported Friday Reutersquoting a person close to the case.
The crypto manager Grayscale filed suit against the SEC in June 2022 for rejecting its request to convert its GBTC fund into a spot Bitcoin ETF.
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This summer, the judge in charge of the case ruled in Grayscale’s favor, declaring that the SEC’s refusal was “arbitrary and capricious” because the regulator had failed to justify itself.
Today, the SEC is due to re-examine the proposal, and may put new arguments on the table justifying a rejection, which could once again be challenged by the crypto manager in court.
Grayscale is counting on a spot ETF to, among other things, bring the value of its fund units closer to the actual Bitcoin price. In its current model, the fund trades at a discount. This makes it less attractive.
A number of players in the US, including the giant BlackRock, are currently seeking approval for a spot Bitcoin ETF in the US.
Following the news agency’s report, the price of BTC recorded a slight rise, which continued over the weekend, finally topping $27,000 on Sunday evening. This Monday morning, the price of the digital coin is flirting with $28,000, up around 4% over 24 hours.
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