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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...

The United States crypto regulatory framework does not appear to be bothering Cathie Wood‘s ARK Invest or the European crypto investment company 21Shares. Despite being turned down twice before, the two companies asked the U.S. Securities and Exchange Commission (SEC) to permit the development of a spot Bitcoin exchange-traded fund (ETF). The SEC turned down the two firms’ initial attempt to create a spot Bitcoin ETF in April 2022. According to the regulator, the product did not meet the criteria for listing a financial instrument. The two organizations submitted a request in May 2022 again, which the SEC again turned down on Jan. 26 of this year. An ETF gives investors access to a specific asset without having to hold the underlying financial product themselves. A spot without actually owning Bitcoin, investors can still acquire indirect exposure to the digital currency by purchasing shares that follow the price of BTC in real-time. Will the SEC approve a spot Bitcoin E...