Bitcoin ETFs not yet approved

Furthermore, the US Federal Appeals Court recently confirmed a formal victory for Grayscale Investments LLC in its attempt to launch a Bitcoin spot ETF, over the objections of the US Securities and Exchange Commission, as reported by the Bloomberg news agency. The court had granted Grayscale’s application to set up an exchange-traded fund on Bitcoin over the objections of the US Securities and Exchange Commission (SEC). This remits the matter to the SEC. The mandate puts into effect the court’s August decision when it overturned the SEC’s rejection of Grayscale’s proposal to convert its trust into an ETF. Judge Neomi Rao called the SEC’s decision “arbitrary and capricious” because the agency did not explain why it approved similar products. The SEC had argued that a Bitcoin-based ETF lacked adequate oversight to detect fraud. “The Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC into an ETF,” Grayscale spokeswoman Jennifer Rosenthal said in a statement. “GBTC is ready for use and we intend to act as quickly as possible in the interests of our investors.”