Quest for spot bitcoin ETF faces unsettled path despite Grayscale win

siding with Grayscale Investments on Tuesday could clear the way for the first spot bitcoin exchange-traded fund in the U.S., though the Securities and Exchange Commission could still push back, experts say.

The court specifically addressed the SEC's differential treatment of spot bitcoin ETFs and similar funds based on futures contracts, which the regulator has approved. en banc hearing, meaning a rehearing with all three judges. After 45 days, the court will issue a final mandate that will have details on what happens next.what was portrayed as a partial win for Ripple Labs in a separate case against the regulator, it's hard to imagine that it plans to let the decision stand without a fight.

"This doesn’t strike me as a case that the SEC wants to try to take to the Supreme Court – for various reasons including the strength of unanimous D.C. Circuit panel’s opinion here," Schulp said.The D.C. Circuit rejected the SEC's view that Grayscale’s proposal was not"designed to prevent fraudulent and manipulative acts and practices," Jake Chervinsky, chief policy officer at the Blockchain Association, said on the social network X.

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