The United States Court of Appeals for the DC Circuit has issued a mandate ordering the Securities and Exchange Commission to review Grayscale’s spot bitcoin ETF application.
The final ruling effectively orders the agency to scrap its rejection of the application.
SEC Ordered To Review Decision
The court’s decision stems from its previous ruling that emphasized the similarities between Grayscale’s application and the already sanctioned Bitcoin futures ETFs. The court noted that Grayscale’s product merits approval due to its similar capacity to identify market misconduct. The final ruling effectively scraps the rejection of Grayscale’s spot bitcoin ETF application. The ruling solidifies the court’s initial ruling, which called the Securities and Exchange Commission’s decision “arbitrary and capricious.”
The decision was anticipated following the SEC’s reluctance not to contest the August ruling. The development also led to Grayscale filing a revised filing, hop
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