Major Win for Grayscale Investments as Court Orders Overturning of SEC's GBTC Rejection
Crypto asset manager Grayscale Investments has achieved a significant triumph in its battle against the United States Securities and Exchange Commission (SEC) concerning the conversion of its Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETF).
In a previous setback, the SEC rejected the GBTC application, citing concerns about its ability to prevent fraudulent activities. In response, Grayscale filed a lawsuit, and the decision has now been overturned in their favor.
As per recent court filings on August 29th, U.S. Court of Appeals Circuit Judge Neomi Rao ordered a review of Grayscale's petition and the vacation of the SEC's denial of the GBTC listing application. Previously, Judge Rao had questioned the SEC's lack of explanation for finding fault with Grayscale. However, it should be noted that this order does not guarantee the future listing of a Grayscale spot Bitcoin ETF.