US SEC does not plan to appeal court decision on Grayscale bitcoin ETF

[zasad@]

https://www.msn.com/en-us/money/savingandinvesting/us-sec-does-not-plan-to-appeal-court-decision-on-grayscale-bitcoin-etf-source/ar-AA1ib9YA
"The U.S. Securities and Exchange Commission (SEC) will not appeal a recent court ruling that found it was wrong to reject an application from Grayscale Investments to create a spot bitcoin exchange-traded fund (ETF), said a source familiar with the matter.

The District of Columbia Court of Appeals in Washington in August ruled that the SEC was wrong to reject Grayscale's proposed bitcoin ETF, in a case that has been closely watched by the industry which has been trying for a decade to advance such products.

The SEC's decision not to appeal likely paves the way for the agency to review Grayscale's application.

A spokeswoman for Grayscale did not immediately provide comment.

A spot bitcoin ETF would give investors exposure to the world's largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, including Grayscale's, on the grounds applicants have not shown they can protect investors from market manipulation."

___
I wrote about this on October 4
https://bitcointalk.org/index.php?topic=5468539.msg62945379#msg62945379

I’ll tell you one more piece of information that may be written about in the news again.
This ruling will unfortunately not speed up the launch of a spot ETF. Grayscale will again apply for a spot ETF and the whole procedure will begin again with all the deadlines, and this does not guarantee the result, because the SEC will come up with a more competent justification for its decision during this time.

The SEC does not want to appeal, not because they are afraid of losing the case. They don’t want to spend money on this because they already have a lot of legal ways to delay or reject any applications.

[1714798241]

1714798241

[1714798241]

1714798241

[avikz]

SEC is not afraid of loosing time. Rather they want to do it this way so that everything starts over again. Now grey scale will have to follow every procedure from the beginning. And like you said now SEC may come up with a very strong reason for not approving the application.

So we are now coming back to square one where everything starts over with no specific resolution. All the best grayscale!

Also SEC has recently approved BlackRock's ETF. Do you think it's a coincidence?

[tread93]

SEC is not afraid of loosing time. Rather they want to do it this way so that everything starts over again. Now grey scale will have to follow every procedure from the beginning. And like you said now SEC may come up with a very strong reason for not approving the application.

So we are now coming back to square one where everything starts over with no specific resolution. All the best grayscale!

Also SEC has recently approved BlackRock's ETF. Do you think it's a coincidence?

The SEC wants more skin in the game with Blackrock being the worlds largest asset manager. They move more weight. Blackrock's ETF probably will end up being the 1st BTF no matter what.

[Fiatless]

I’ll tell you one more piece of information that may be written about in the news again.
This ruling will unfortunately not speed up the launch of a spot ETF. Grayscale will again apply for a spot ETF and the whole procedure will begin again with all the deadlines, and this does not guarantee the result, because the SEC will come up with a more competent justification for its decision during this time.

The SEC does not want to appeal, not because they are afraid of losing the case. They don’t want to spend money on this because they already have a lot of legal ways to delay or reject any applications.

SEC's failure to appeal the judgement has set a legal precedent. This means that the SEC will have to look for other reasons for denying subsequent applications and not the same reason covered by the ruling of the District of Columbia Court of Appeals in Washington. I know they will always come up with more reasons but at least they have lost some options. 

Also SEC has recently approved BlackRock's ETF. Do you think it's a coincidence?

This good news turned out to be fake because BlackRock told Bloomberg that its application is still under SEC's review. CoinTelegraph has deleted the tweet that sparked the rise of bitcoin price to as much as 10%. But the news just gave us a glimpse of what will happen when spot bitcoin ETF is finally approved by the SEC.     

[NotATether]

I heard they're trying to launch an appeal against Grayscale? Or was it against the Ripple Labs verdict?

Whichever one it was, it just shows how spineless the SEC is when they get served a decision that they do not like. Now on the crypto side of things, how long do you guys thing it will take for the Grayscale Bitcoin ETFs to hit the market? A few months? A year? Maybe two years?

[Kemarit]

I heard they're trying to launch an appeal against Grayscale? Or was it against the Ripple Labs verdict?

I think it was the case against Ripple, here's the official documents: https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.915.0.pdf

Whichever one it was, it just shows how spineless the SEC is when they get served a decision that they do not like. Now on the crypto side of things, how long do you guys thing it will take for the Grayscale Bitcoin ETFs to hit the market? A few months? A year? Maybe two years?

The pressure is now on the side of SEC, not just legal but perhaps political pressure. We have seen him in Congress already and majority of the Congressman is not on the side of Gensler. So if everything goes on schedule maybe next year we might see the long awaited Bitcoin ETF because SEC doesn't have a choice.

[yhiaali3]

Also SEC has recently approved BlackRock's ETF. Do you think it's a coincidence?

This good news turned out to be fake because BlackRock told Bloomberg that its application is still under SEC's review. CoinTelegraph has deleted the tweet that sparked the rise of bitcoin price to as much as 10%. But the news just gave us a glimpse of what will happen when spot bitcoin ETF is finally approved by the SEC.     

Yes, it is true that this news turned out to be fake. The SEC has not approved BlackRock’s request yet. The second hearing was scheduled for October 17, but it seems that it has been postponed. I have not heard any news about this hearing.

It is clear that the SEC wants to procrastinate and buy more time and is constantly trying to postpone, so they may ask Grayscale and BlackRock to file new applications to enter into a new cycle of wasting time.

[zasad@]

I’ll tell you one more piece of information that may be written about in the news again.
This ruling will unfortunately not speed up the launch of a spot ETF. Grayscale will again apply for a spot ETF and the whole procedure will begin again with all the deadlines, and this does not guarantee the result, because the SEC will come up with a more competent justification for its decision during this time.

The SEC does not want to appeal, not because they are afraid of losing the case. They don’t want to spend money on this because they already have a lot of legal ways to delay or reject any applications.

SEC's failure to appeal the judgement has set a legal precedent. This means that the SEC will have to look for other reasons for denying subsequent applications and not the same reason covered by the ruling of the District of Columbia Court of Appeals in Washington. I know they will always come up with more reasons but at least they have lost some options.  

You want to say that SEC will finally start working and write clear refusals LOL
If I were paid as much as the lawyers at the SEC, I would have already prepared several options during the deadline. But I am more confident that the ETF is needed so that more hamsters will come to this market.