In August, a federal appeals court ruled that the SEC needed to reconsider Grayscale’s application to launch its first bitcoin ETF.
Photo: Pavlo Gonchar/Zuma PressGrayscale Investments is preparing to roll out its first bitcoin exchange-traded fund pending Securities and Exchange Commission approval after a legal victory overturning the regulator’s rejection of its application.
In August, the Stamford, Conn.-based cryptocurrency asset manager made headlines when a court ruled that the SEC shouldn’t have rejected its application to convert its bitcoin trust into a spot bitcoin ETF.
A panel of judges said the company showed that its proposed bitcoin ETF is materially similar to futures-based bitcoin ETFs that have been previously approved.
The ruling marked a pivotal setback for the SEC, which has been focused on regulating the crypto industry.
Persons:
Pavlo Gonchar, SEC shouldn’t
Organizations:
SEC, Zuma, Securities, Exchange
Locations:
Stamford, Conn