Grayscale Bitcoin ETF Ruling Explained: What the Court…
By Damilola Esebame
Source excerpt · FinanceFeeds
KEY TAKEAWAYS The D.C. Circuit Court of Appeals ruled in August 2023 that the SEC acted arbitrarily in rejecting Grayscale's application to convert GBTC into a spot ETF. Judge Neomi Rao found the SEC failed to explain why it approved Bitcoin futures ETFs while denying a spot product based on the same underlying asset price. The SEC approved 11 spot Bitcoin ETFs on January 10, 2024, including Grays…