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Reportedly, the SEC will not appeal the court's decision on the Grayscale Bitcoin ETF.

Reportedly, the SEC will not appeal the court’s decision on the Grayscale Bitcoin ETF.

The United States Securities and Exchange Commission (SEC) reportedly has no plans to appeal a recent court decision that favored Grayscale Investments. This ruling requires the SEC to review Grayscale’s spot Bitcoin exchange-traded fund (ETF) application.

While the SEC’s decision not to appeal does not guarantee approval of Grayscale’s application, it means that the SEC will need to follow the court’s order and review the application.

The appeals court is expected to issue a mandate outlining how the SEC should execute its ruling. Dialogue between Grayscale and the SEC is expected to begin next week.

Bloomberg analysts believe that the SEC is unlikely to appeal to the Supreme Court. The deadline for the SEC to approve or deny Grayscale’s application will likely be determined in the next week or two.

If the SEC denies the application, Grayscale could appeal the decision, prolonging the process.

Around seven spot Bitcoin ETF applications are awaiting a decision from the SEC.

Bloomberg analysts predict a 90% chance of a spot Bitcoin ETF application getting approved in January 2024, specifically Cathie Wood’s ARK Invest application.

There is also a 75% chance of an application getting approved in 2023, according to Bloomberg’s senior ETF analyst.

In summary:

– The SEC reportedly will not appeal a court decision favoring Grayscale Investments.

– The SEC will need to review Grayscale’s spot Bitcoin ETF application.

– Dialogue between Grayscale and the SEC is expected to begin next week.

– The appeals court is expected to issue a mandate outlining how the SEC should proceed.

– Grayscale could appeal if the SEC denies the application.

– Around seven spot Bitcoin ETF applications are awaiting a decision from the SEC.

– There is a 90% chance of a spot Bitcoin ETF application getting approved in January 2024, according to Bloomberg analysts.

– There is a 75% chance of an application getting approved in 2023.

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