Bitcoin's price rose after reports that the SEC does not plan to appeal a court ruling over a bid from Grayscale Investments for a spot ETF.
Bitcoin's price rose late Friday after reports that the Securities and Exchange Commission did not plan to appeal an August court ruling that ordered it to reconsider a bid from Grayscale Investments to convert its flagship GBTC fund into a spot bitcoin ETF.
Both Reuters and Bloomberg reported that the SEC is not planning to appeal. A source told The Block that the regulator was not planning to appeal. Grayscale first brought the case against the SEC last year over the rejection of its proposal to convert its flagship fund, GBTC, into a spot bitcoin ETF. Don Verrilli, lead counsel for Grayscale, said during oral arguments in March that the SEC is contradicting itself by allowing bitcoin futures ETFs, but not a spot bitcoin ETF.
Late last month, the regulator moved to delay all pending applications for spot bitcoin ETFs with an extended comment period that will keep the process going for at least another month.
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