This is no secret of the gods. It is undeniable that, even for a commissioner of the Securities and Exchange Commission, SEC delays approval of spot Bitcoin ETFs. However, this request was made by many financial playersincluding Grayscale which wishes to convert its GBTC to Spot Bitcoin ETF. After numerous refusals from the regulator, justice has once again ruled in favor of the investment giant and is pressing the regulator. Explanations.
The SEC is “capricious and arbitrary”
While the SEC had announced not to appeal against Grayscale and its GBTCdeciding to choose its battles and not being able to face them all at once, the tide continues to turn for the investment giant.
Indeed, a federal court of appeal formalized the partial victory of Grayscale in its fight to have a sacrosanct Bitcoin spot ETF. More precisely, the latter issued the refers matter to SEC by asking the financial policeman to new details on his refusal.
The judge in charge of the case at the court of appeal, Neomi Raoeven criticized the SEC for its decisions “ capricious and arbitrary » highlighting the deleterious attitude of the US financial policeman and its president Gary Gensler.
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Grayscale, neck and neck with BlackRock
The investment giant did not hide its joy, as shown by the words of Jennifer Rosenthal, their spokesperson:
“The Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC into an ETF (…) GBTC is operationally ready and we intend to act as quickly as possible on behalf of our investors.”
Source: Bloomberg
By asking the SEC to reexamine Grayscale’s spot Bitcoin ETF application, the SEC will have to rely on new arguments to once again deny Grayscale’s application. Pressure on the regulator which is also supported by BlackRock.
The approval of a spot Bitcoin ETF in the USA is awaited by many players in traditional finance who see a potential turning point for investors in the establishment of such a financial service. An event so anticipated that BlackRock continues to press the SEC by supporting all the conditions necessary to launch its Spot Bitcoin ETF, IBTC.
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