The SEC will reportedly not appeal the court’s decision regarding the Grayscale Bitcoin ETF Cryptocurrency scrgruppen

The SEC reportedly has no plans to appeal the recent court decision that favored Grayscale Investments. The ruling requires the SEC to review the company’s Bitcoin (BTC) spot exchange-traded fund application.

The SEC’s supposed decision not to appeal the D.C. Circuit Court of Appeals ruling on October 13 was highlighted. a report Reuters quoted a “source familiar with the matter.”

Bloomberg analysts also expect that the SEC will not appeal to the Supreme Court, but stressed that this does not necessarily mean that Grayscale’s application will be approved.

If the reports are true, the SEC will need to follow the August court order and review Grayscale’s request to change the Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF.

According to Reuters, the appeals court is expected to issue a mandate that specifically outlines how its ruling will be “enforced” by the SEC.

Commenting on the developments, Bloomberg ETF analyst James Seyphart noted via X that:

“I don’t think they will appeal to the Supreme Court either. Dialogue between Grayscale and the SEC should begin next week. Hoping to have more information on next steps sometime next week or the week after?

Going forward, Seyphart suggested that “we’ll likely find out in the next week (or two)” the SEC’s deadline for approving or denying Grayscale’s BTC exchange-traded fund application.

If the SEC denies the request, Grayscale can then appeal that decision, delaying the process even longer.

Related: Bitcoin Price Gets New $25K Target, Boosted on GBTC Decision Day

Currently, about seven applications for Bitcoin ETFs have been filed with the SEC and are awaiting a decision from the regulator.

In a separate, earlier post to

Seyphart and Bloomberg’s chief ETF analyst, Eric Balchunas, also previously suggested there was a 75% chance the application would be approved in 2023.

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