The United States Securities and Exchange Commission (SEC) will not appeal the recent court ruling that favored Grayscale Investments, increasing the chances of Grayscale Bitcoin Trust (GBTC) being converted into a spot Bitcoin exchange-traded fund (ETF). This decision by the SEC has caused the Bitcoin price to rise. However, the SEC still has the authority to deny the spot market Bitcoin ETF based on other reasons. Dialogue between Grayscale and the SEC is expected to begin in the next week or two to determine the next steps.

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