Grayscale Secures Court Order in Battle With SEC Over Bitcoin ETF

The U.S. Court of Appeals for the D.C. Circuit has reaffirmed its prior ruling, directing the Securities and Exchange Commission to review Grayscale Investments’ proposal to convert the crypto company’s leading GBTC fund into a Bitcoin exchange-traded fund .

The mandate, filed on Monday, states, “In accordance with the judgment of August 29, 2023, and pursuant to Federal Rule of Appellate Procedure 41, this constitutes the formal mandate of this court,” emphasizing its commitment to its earlier ruling. “What we have in front of us, just so that the viewing public understands, we have not one, but multiple, I think it’s eight or ten filings that the staff, and ultimately the Commission, is considering,” explained Gensler. He also emphasized that the process for approving exchange-traded products is well-established, with various divisions within the SEC providing feedback to potential issuers.

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