The post BREAKING! The SEC Will NOT Be Appealing The Court’s Decision on The Grayscale ETF appeared first on Coinpedia Fintech News
The U.S. Securities and Exchange Commission won’t appeal a recent court decision that found their rejection of Grayscale Investments’ application for a bitcoin exchange-traded fund (ETF) was wrong. This means they’ll have to reexamine Grayscale’s proposal.
This development potentially paves the way for the first bitcoin ETF in the United States.The SEC was required to make a decision on whether to challenge the court’s ruling by midnight on Friday. According to Reuters, it appears that the SEC will let this deadline pass without pursuing an appeal.
Grayscale has consistently advocated for the conversion of its GBTC into an ETF, arguing that this move would eliminate the discount by bridging the price gap between the trust and the underlying bitcoin. The structure of ETFs facilitates a creation-redemption model, allowing for the issuance of new ETF shares to meet demand or the redemption of shares to reduce supply.
The story will be continued……..
