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Potential Consequences if SEC Fails to Challenge Grayscale's Spot Bitcoin ETF Decision

Potential Consequences if SEC Fails to Challenge Grayscale’s Spot Bitcoin ETF Decision

– The SEC must appeal Grayscale’s court win by Oct. 13 or review the fund manager’s application for a spot Bitcoin fund.

– Analysts believe an appeal is unlikely, but the SEC could still find ways to delay approval of Grayscale’s spot Bitcoin ETF conversion.

– Law firm Ropes & Gray suggests that the SEC could send the GBTC application back for review, giving them another chance to reject it on different grounds.

– Another potential delay scenario is if the New York Stock Exchange has to make a new filing to list GBTC, which could result in an eight-month decision-making process.

– Currently, there are seven spot Bitcoin ETF applications awaiting approval from the SEC, with final approval deadlines set for around March 2024 or later.

– If the SEC approves Grayscale’s application, it may be difficult for them to reject other similar applications.

– Bloomberg analysts estimate a 75% likelihood of an approved spot Bitcoin ETF this year, increasing to 95% by the end of 2024.

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