STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - The U.S. District of Columbia Court of Appeals will soon rule on whether the Securities and Exchange Commission wrongly rejected an application from crypto asset manager Grayscale Investments to list an exchange-traded fund that tracks the price of bitcoin.
Bitcoin futures ETFs track bitcoin futures that trade on the Chicago Mercantile Exchange , the chief venue for those products. The CME"surveils futures market conditions and price movements on a real time and ongoing basis in order to detect and prevent price distortions, including price distortions caused by manipulative efforts," the SEC has said.
If Grayscale ultimately prevails and the SEC does not appeal, the court would specify how its decision should be executed. That could include instructing the SEC to approve the application, or to revisit Grayscale's application, in which case the SEC could still reject the proposal on other grounds.
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