Grayscale Now Closer To a Spot Bitcoin ETF Launch: Report

Vignesh Karunanidhi
Grayscale Submits New Spot Bitcoin ETF Application to SEC
Source: CryptoPotato

Crypto asset manager Grayscale recently won a legal case against the Securities and Exchange Commission (SEC) regarding a proposed spot bitcoin exchange-traded fund (ETF).

Also read: Crypto Asset Manager Grayscale Wins Lawsuit Against the SEC

Earlier, the SEC rejected the crypto asset manager’s application regarding the Bitcoin ETF. However, the US Court of Appeals ruled that the SEC must re-evaluate its initial rejection of Grayscale’s ETF application. Following the major win, Grayscale CEO Michael Sonnenshein recently sat down with Bloomberg News to share his views on the win.

Grayscale is moving closer to a spot Bitcoin ETF

During his conversation, Sonnenshein stated that yesterday’s win was the result of a year’s worth of litigation. He stated that the SEC denied GBTC’s conversion to an ETF, after which Grayscale immediately filed a lawsuit. Grayscale’s CEO mentioned that forty months later they got a positive decision from the DC Circuit. He also highlighted that a panel of three judges unanimously voted against the SEC’s denial order.

While speaking of the chances of a potential move by the SEC to fight the decision, Sonnenshein mentioned that today is day one of the 45-day period that the SEC has the ability to request a rehearing. He stressed that ultimately, at the end of the 45-day process, the company can expect a final mandate from the court with the next steps.

Grayscale CEO also highlighted an interesting fact: the court agreed with the arguments that were put forward. He also added that the SEC already has the tools and means to approve a spot Bitcoin product like GBTC.