The SEC Must Review Grayscale's Spot Bitcoin ETF Application, Appeals Court Rules



The U.S. Court of Appeals has ordered the SEC to review Grayscale's spot Bitcoin ETF application, following a lawsuit filed by the firm last year. The court ruled in favor of Grayscale, stating that the SEC's refusal to allow the conversion of Grayscale Bitcoin Trust into a spot Bitcoin ETF was "arbitrary and capricious." While the SEC still has the power to deny the application, it would need to find a new reason not related to its prior justification.
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