SEC does not plan to appeal court decision on Grayscale bitcoin ETF

Kemarit

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Quote from: Aanuoluwatofunmi on October 14, 2023, 10:22:37 AM

Quote from: Kemarit on October 14, 2023, 10:13:06 AM

According to this report, SEC is not going to appeal about the recent ruling that they, SEC was found to be wrong in rejecting the application of Grayscale to create a spot Bitcoin ETF.

What else should we expect, should the court decision be a superior to the SEC decision over the approval for spot bitcoin ETF application or not, do Greyscale have to go this extra miles, despite the fame and global recognition they already have, i don't think that SEC need to make an appeal as well in this regard, they are only doing their own job with their reasons for non approval, Greyscale will not be the first to be rejected neither will it be the last.

I think you didn't get the point, the District of Columbia Court of Appeals in Washington ruled that SEC was wrong when they rejected Grayscale’s proposed bitcoin ETF. The court ruling didn't say that SEC should approved the application of Grayscale for a Bitcoin Spot ETF. They are not doing their job though, if they did, then they should have approved it already. But they keep on denying it that's why Grayscale has to challenge it.

Here's the full list of Spot Bitcoin ETF Applications if anyone is interested:

https://beincrypto.com/full-list-spot-bitcoin-etf-applications-deadlines/

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If the SEC's not going to appeal, it likely means they decided that they don't have a good chance of winning the appeal, and so it's safer and, of course, cheaper not to do that. As far as I remember, the court's decision is about rejecting the grounds of rejection as not reasonable enough. That doesn't mandate the SEC to change their decision nor does it mean they have to accept the next application. They can figure out a different ground of rejection if they want to keep their strong stance against Bitcoin ETFs. I suppose we'll see how that plays out soon enough.

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I read somewhere else that Blackrock has a near impeccable record of ETF applications with the SEC. They have only ever received one denial so they clearly have encouragement from the SEC on this. I believe we will see an ETF approval before the halving. I don’t think Grayscale will be first though. Blackrock are the King in tye traditional finance game. I don’t see it likely somebody else is approved before them.

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Quote from: icalical on October 14, 2023, 09:21:26 PM

Quote from: Kemarit on October 14, 2023, 10:13:06 AM

So I guess this is a win for Grayscale already and we might see eventually SEC going to approved spot bitcoin exchange traded fund (ETF) in the future.

It's true that SEC has lost the case, but Grayscale have not win anything yet, their goal to finally get their Bitcoin Spot approved is still on a long road. It's one step closer, but SEC might find another good reason to reject Grayscale application. Don't get me wrong, I am not trying to be negative here, and this is actually a good news, I just don't want to get my hope too high, looking back at the history how SEC viewed Bitcoin.

Maybe, but can they continue to issue rejections if let's say Grayscale has already followed the changes that SEC wanted them to do? They can only do as much as rejection as they can, but sooner or later they will have to give in to the pressures of big financial institutions to approved the very first Bitcoin Spot ETF. You will have to look at who is the entity, BlackRock, Bitwise, Van Eck, Wisdom tree. This are all big names, so we might see as early as the 1st quarter of next year that we the first ETF will be approved, in my opinion.

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Quote from: Kemarit on October 14, 2023, 10:13:06 AM

So I guess this is a win for Grayscale already and we might see eventually SEC going to approved spot bitcoin exchange traded fund (ETF) in the future.

It's true that SEC has lost the case, but Grayscale have not win anything yet, their goal to finally get their Bitcoin Spot approved is still on a long road. It's one step closer, but SEC might find another good reason to reject Grayscale application. Don't get me wrong, I am not trying to be negative here, and this is actually a good news, I just don't want to get my hope too high, looking back at the history how SEC viewed Bitcoin.

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According to the news, there is a strong 90% probability that SEC will eventually approved a BTC-ETF by January. Now, having said that and I must say I too is confident on that to happen, let us not ignore the fact that SEC does not really want to approve one so who knows the shenanigan they can come up by 2024 in either in rejecting or delaying the said application. We know that Gary Gensler is a big enemy of the cryptocurrency industry and he will do anything to stop ETF from operating in the market. It would then be exciting to watch developments on this area and see how SEC will finally deal with this dilemma. Will there an approval...or will there be another excuse?

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Big news for Bitcoin! The SEC has decided not to appeal a court ruling that found them wrong to reject Grayscale's application to create a spot Bitcoin ETF. This is a huge win for Grayscale, and it could pave the way for the first-ever spot Bitcoin ETF in the US.

Even though the SEC still has to review Grayscale's application again, the chances of approval are looking good. This is especially true since the SEC has already approved several Bitcoin futures ETFs.

If the SEC approves Grayscale's spot Bitcoin ETF, it could set a precedent for other asset managers who have also filed for similar ETFs. And it could also be a factor that initiates the next bull run for Bitcoin in 2024.

The SEC is one step closer to approving a spot Bitcoin ETF, I think Blackrock application will accept firstly which could be a huge boost for the cryptocurrency market.
Good future ahead Shocked

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Quote from: FinneysTrueVision on October 14, 2023, 08:07:10 PM

This is a significant development which may signal an impending approval for a spot Bitcoin ETF. The SEC has delayed approval as long as they could but with this hurdle out of the way they don't have many options remaining. This will be positive for Bitcoin but I also expect regulators to shift their focus more towards exchanges and altcoins. If they were to take severe action against an exchange like Binance it could suppress a potential bull run following an ETF approval.

Indeed, it's just a matter of time really that a spot Bitcoin ETF is going to be approved and hopefully it will be sooner. And I think with big names in the financial market at it, there could be pressures from this regulatory commission to give their aproval.

And we have been talking that a potential approval could mean a influx of money in the market, hence it will coincidence with the bull run for next year.

FinneysTrueVision

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This is a significant development which may signal an impending approval for a spot Bitcoin ETF. The SEC has delayed approval as long as they could but with this hurdle out of the way they don't have many options remaining. This will be positive for Bitcoin but I also expect regulators to shift their focus more towards exchanges and altcoins. If they were to take severe action against an exchange like Binance it could suppress a potential bull run following an ETF approval.

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There is something to expect, since the SEC doesn't want to appeal against the Grayscale Bitcoin ETF application, which means there is a high possibility of approval. So I will drive to approve more Bitcoin ETF approvals. But I don't think it would help to push for the next bull run. It's all about hype and halving the upcoming So both can impact the Bitcoin chart together. Everyone assumes next year will be a bull year. This year was a stable one, to be honest. We haven't seen any significant volatility this year. We have to wait more than two months to see the impact.

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This is a positive news for all of us, even though I am not found to these ETFs but indirectly they did bring positive impact on the market. This might be a result of some laziness from the SEC but I think it is not, and another possibility of it can be a publicity stunt. Overall, if things go right, as this post implies, then we might see early ETF's approval. And just to be frank, if you think this news will make the approval of ETFs to be around 2024 then I think ETFs will be approved without it and we might see approvals of ETF around 2024 maybe in April moth, before halving.

Because, this news (of ETFs Approvals) will act as a fuel for the engine of BTC rocket which will take it to the new heights. I have said this a lot of times before.

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Quote from: franky1 on October 14, 2023, 12:03:52 PM

the SEC didnt lose a case of rejecting a ETF. they lost a case of not giving good reason to reject

the SEC can still reject but with good reason
the SEC saying they wont appeal does not mean they will accept an ETF at the next deadline. they will just have a more detailed report of reasons why they would reject it

with all the issues of DCG under scrutiny due to many bad management of funds i dont think the SEC has confidence that DCG has the management integrity and strength to manage an ETF, nor experience

i think the SEC is hoping to accept blackrock as the first mover, and then set up walls (barriers of entry) to detract other ETF's via things like insurances and reserves and other needed things to apply

Ohno In such case, BTC will be manipulated by BlackRock. But they should also be giving the reason for approving Blockrock's ETF. It will serve as a guide for the companies applying ETF as well, there are lots of them, and from what we know GBTC also has BTC with 1:1. Not Just Coinbase.

Amusing how this is pretty much discussed while we are very close to having war in the Middle East and at the same time the current war in Ukraine. I would think there is a chance for ETF to be approved earlier than 2024. They're in a hurry.

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Quote from: Kemarit on October 14, 2023, 10:13:06 AM

According to this report, SEC is not going to appeal about the recent ruling that they, SEC was found to be wrong in rejecting the application of Grayscale to create a spot Bitcoin ETF.

This news didn't come from the SEC or any agency related to them, the news just said it emanated from an anonymous source. We have not also heard the reaction of Grayscale regarding the matter. But if the news is genuine the result will be a review of the application again. The SEC will always have reasons to deny the approval and Grayscale will have to approach a court again for redress. I think the SEC will approve spot Bitcoin ETF only when it has developed a comprehensive policy framework and technical know-how to regulate the sector.

franky1

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the SEC didnt lose a case of rejecting a ETF. they lost a case of not giving good reason to reject

the SEC can still reject but with good reason
the SEC saying they wont appeal does not mean they will accept an ETF at the next deadline. they will just have a more detailed report of reasons why they would reject it

with all the issues of DCG under scrutiny due to many bad management of funds i dont think the SEC has confidence that DCG has the management integrity and strength to manage an ETF, nor experience

i think the SEC is hoping to accept blackrock as the first mover, and then set up walls (barriers of entry) to detract other ETF's via things like insurances and reserves and other needed things to apply

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Quote from: Kemarit on October 14, 2023, 10:13:06 AM

So I guess this is a win for Grayscale already and we might see eventually SEC going to approved spot bitcoin exchange traded fund (ETF) in the future.

Their application would be reviewed like the other applications, and it can also be rejected, the fact that they won that case doesn't increase their chances of the sec accepting their application, it only allows them to be able to convert GBTC into a spot etf if their application is accepted.

Quote from: Kemarit on October 14, 2023, 10:13:06 AM

Although they will have to go to the process of reviewing the application again, but perhaps the chances could be good that we will get an approval and it could set a precedent as well as there are several other asset managers, including BlackRock who also filed for similar ETF.

Some bitcoiners believe that it is now a matter of when and not if, but they have to wait for the decision of the sec. The sec already missed the first deadlines for awaiting applications, and the second deadline for many of the applications is this month. There is a topic for spot etf discussions: https://bitcointalksearch.org/topic/m.62789444

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Quote from: Kemarit on October 14, 2023, 10:13:06 AM

According to this report, SEC is not going to appeal about the recent ruling that they, SEC was found to be wrong in rejecting the application of Grayscale to create a spot Bitcoin ETF.

Quote

The District of Columbia Court of Appeals in Washington in August ruled that the SEC was wrong to reject Grayscale’s proposed bitcoin ETF, in a case that has been closely watched by the industry which has been trying for a decade to advance such products.

The SEC’s decision not to appeal likely paves the way for the agency to review Grayscale’s application.

https://www.cnbc.com/2023/10/13/us-sec-does-not-plan-to-appeal-court-decision-on-grayscale-bitcoin-etf-source-says.html

So I guess this is a win for Grayscale already and we might see eventually SEC going to approved spot bitcoin exchange traded fund (ETF) in the future.

Although they will have to go to the process of reviewing the application again, but perhaps the chances could be good that we will get an approval and it could set a precedent as well as there are several other asset managers, including BlackRock who also filed for similar ETF.

I know that Bitcoin ETF will eventually be approved but what was not clear was when. With this development, it is obvious SEC will be approving the Grayscale's ETF thereafter others will follow.

Quote from: Kemarit on October 14, 2023, 10:13:06 AM

And again, the argument that it could be one factor that could initiate the bull run next year, if we will have a approval in 2024.

I wish more than anything that the approval will happen same year as the halving (2024). If this is the case, we will see astronomical explosion in price that will transform a lot of lives.

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Quote from: Kemarit on October 14, 2023, 10:13:06 AM

According to this report, SEC is not going to appeal about the recent ruling that they, SEC was found to be wrong in rejecting the application of Grayscale to create a spot Bitcoin ETF.

What else should we expect, should the court decision be a superior to the SEC decision over the approval for spot bitcoin ETF application or not, do Greyscale have to go this extra miles, despite the fame and global recognition they already have, i don't think that SEC need to make an appeal as well in this regard, they are only doing their own job with their reasons for non approval, Greyscale will not be the first to be rejected neither will it be the last.

Kemarit

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According to this report, SEC is not going to appeal about the recent ruling that they, SEC was found to be wrong in rejecting the application of Grayscale to create a spot Bitcoin ETF.

Quote

The District of Columbia Court of Appeals in Washington in August ruled that the SEC was wrong to reject Grayscale’s proposed bitcoin ETF, in a case that has been closely watched by the industry which has been trying for a decade to advance such products.

The SEC’s decision not to appeal likely paves the way for the agency to review Grayscale’s application.

https://www.cnbc.com/2023/10/13/us-sec-does-not-plan-to-appeal-court-decision-on-grayscale-bitcoin-etf-source-says.html

So I guess this is a win for Grayscale already and we might see eventually SEC going to approved spot bitcoin exchange traded fund (ETF) in the future.

Although they will have to go to the process of reviewing the application again, but perhaps the chances could be good that we will get an approval and it could set a precedent as well as there are several other asset managers, including BlackRock who also filed for similar ETF.

And again, the argument that it could be one factor that could initiate the bull run next year, if we will have a approval in 2024.

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