According to a report from JPMorgan, the recent court verdict in favor of Grayscale Investment in its lawsuit against the SEC may force the commission to approve spot Bitcoin exchange-traded fund (ETF) applications from cryptocurrency firms. Grayscale had previously submitted a proposal to the SEC to convert its Bitcoin holdings to ETFs, but the proposal was rejected. The SEC had approved futures-based Bitcoin ETFs, using this as a basis to deny Grayscale’s application. Grayscale appealed the case with a US Federal court, and the court ordered the SEC to review its decision. The court stated that the SEC had treated two similar products differently without justification, and therefore its initial judgment was capricious and arbitrary. JPMorgan believes that the SEC will have to withdraw its initial judgment and may be compelled to approve the multiple applications for spot Bitcoin ETFs. Many crypto companies had previously submitted their applications, which were not endorsed by the SEC. However, with Grayscale’s recent victory, these firms may receive approval for their Bitcoin ETF applications. The SEC announced that it will delay its decisions on the spot Bitcoin ETF applications from multiple firms until mid-October. JPMorgan suggests that the SEC may be waiting to issue a general grant to all applications rather than endorsing them in order of arrival. This delay could benefit investors by allowing more competition in the ETF Market regarding fees..
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#Grayscales #Win #Force #SEC #Approve #Spot #Bitcoin #ETF #JPMorgan #Tokenhell
