Well, now the SEC is in a real pickle. The U.S. Court of Appeals for the D.C. Circuit sided with Grayscale in a lawsuit against the SEC, greatly improving the chances that a bitcoin exchange traded fund will be approved. The SEC had earlier denied Grayscale’s application to convert its Grayscale Bitcoin Trust to an ETF. The problem for the…
2) Delay as long as the law allows. The first of the applicants to file was Ark, which published in the Federal Register on May 15. The SEC has a maximum time of 240 days to approve or deny those applications, meaning the first deadline would be January 10, 2024.
3) Come up with a new rationale why the application should not be approved and dare Grayscale to sue again. The SEC can no longer use the argument that there is not a market of sufficient size to prevent manipulation, but it could come up with other arguments.There's one final possibility: the SEC could just kill the bitcoin futures ETF. That is theoretically possible, but unlikely, considering the SEC recently approved bitcoin futures.
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