Balchunas and Seffyart are optimistic that a spot Bitcoin ETF could launch in the US this year, but warn that the SEC could delay its decision on current pending applications.
against the SEC, with the US Court of Appeals for the District Court of Columbia Circuit vacating the Commission’s decision to deny the asset manager’s application to convert its GBTC to an ETF.
In October 2021, Grayscale filed with the SEC to turn GBTC into a spot Bitcoin ETF, which the agency rejected because the company did not provide adequate means on how it would prevent fraud and market manipulation.that the regulator was being discriminatory by approving Bitcoin futures ETFs but denying spot BTC ETFs. The court ruling described the SEC’s rejection of Grayscale’s application as “arbitrary and capricious.
Bloomberg Intelligence earlier predicted that a spot Bitcoin ETF could launch before Sept. 4. However, Balchunas said it would not be surprising if the SEC delays its decision on the heels of the recent court ruling but added that approval could happen at any time. Balchunas also noted that the SEC suffered a PR loss in addition to its legal defeat, suggesting that the Grayscale unanimous victory was covered extensively in mainstream media by major outlets such as the Wall Street Journal, CNN, and the New York Times. Both ETF experts believe the PR and legal losses for the SEC “will make denial politically untenable.”
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