US Court Says SEC Must Re-review Grayscale Spot Bitcoin ETF
A Washington DC court issued a formal mandate today asserting its August ruling that the SEC needs to reconsider Grayscale Investments’ Spot Bitcoin ETF application. JUST IN: 🇺🇸 Judge orders SEC to re -review Grayscale's bid for a Spot #Bitcoin ETF. — Watcher.Guru (@WatcherGuru) October 23, 2023 The U.S. Court of Appeals for the D.C. Circuit made the decision following the SEC’s decision not to appeal the Ripple XRP case decision. Judge Neomi Rao said that the SEC failed to give valid reasoning to deny Grayscale’s application for a Spot Bitcoin ETF, despite approving similar products. However, the SEC can still look to provide one that is valid. The mandate filed Monday reads: “In accordance with the judgment of August 29, 2023, and pursuant to Federal Rule of Appellate Procedure 41, this constitutes the formal mandate of this court.” Previously, Grayscale showed its proposed bitcoin ETF was similar to...