• The US Court of Appeals formalized its ruling in the Grayscale vs SEC lawsuit by giving a formal mandate.
  • Per the mandate, the SEC will now have to re-review Grayscale’s request to turn GBTC into an ETF.
  • Additionally, BlackRock has become the first spot Bitcoin ETF applicant to be listed on the NASDAQ’s trade clearing company DTCC.

Bitcoin has been the center of attention for weeks now as the dispute between the Securities & Exchange Commission (SEC) and the spot BTC ETF applicants continues. However, one significant candidate, Grayscale, is noting substantial support from the US court system, which is pushing the SEC to approve their ETF.

Read more - SEC will not appeal court ruling on Grayscale GBTC conversion to spot Bitcoin ETF - Reuters

SEC must green-light Grayscale Bitcoin ETF 

The US Court of Appeals for the District of Columbia Circuit issued a mandate on October 23, which, put simply, asked the SEC to reconsider and once again review the application of the Grayscale Bitcoin Trust conversion into a spot Bitcoin ETF. 

The mandate upheld the decision of the court from August 29, when Grayscale won the court’s favor, which noted that the denial of Grayscale’s proposal was “arbitrary and capricious”. Furthermore, the mandate came about ten days after the SEC announced that it did not intend to appeal the earlier ruling.

US Court of Appeals mandate

US Court of Appeals mandate

In the previous hearing, the court ruled that the SEC must have the same likelihood of detecting fraudulent or manipulative conduct in the market for Bitcoin and Bitcoin futures. This is because both the markets do not share much difference except for the existence of the Chicago Mercantile Exchange (CME) acting as the futures market watchdog.

BlackRock might emerge as the winner

Not only was BlackRock the first to file for a spot Bitcoin ETF, inspiring others to follow suit, but it may also become the first to be listed on exchanges.

According to a tweet from Bloomberg ETF analyst Eric Balchunas, the iShares Bitcoin Trust has been listed on the Depository Trust & Clearing Corporation (DTCC). The DTCC is a financial services company that provides clearing and settlement services for the financial markets, including the likes of NASDAQ. 

Per this listing, the ticker for BlackRock’s spot Bitcoin ETF is expected to be IBTC. Commenting on the asset management firm’s listing, Balchunas stated,

“This is [the] first spot ETF listed on DTCC, none of the others on there (yet). Def[inately] notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch. Hard not to view this as them getting signal that approval is certain/imminent

While the SEC has been delaying the approval of spot Bitcoin ETFs, it is expected to green-light all the applications by January 2024.

Read more - “SEC is engaging with Ark Invest on Bitcoin ETF” says Cathie Wood; Bitcoin price to likely crash

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead. 

More Bitcoin News
GIGA investor loses $6M to phishing scam via fake Zoom link

GIGA investor loses $6M to phishing scam via fake Zoom link

On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.

More Cryptocurrencies News
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.

More Cryptocurrencies News
BNB: Bullish technical pattern validated, eyes all-time high

BNB: Bullish technical pattern validated, eyes all-time high

Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.

More Binance News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP