The DC Circuit Court of Appeals has confirmed Grayscale Investments’ court victory over the US Securities and Exchange Commission (SEC). The court ruling stated that the SEC’s rejection of Grayscale’s proposal to convert its bitcoin trust (GBTC) to an ETF while allowing bitcoin futures funds to launch was “arbitrary and capricious.” Grayscale intends to convert GBTC to an ETF and is in talks with the SEC to expedite the process. Some industry experts are optimistic about the potential approval of a spot bitcoin ETF in the coming months. However, the SEC could still deny GBTC’s conversion on different grounds.
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