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The U.S. Securities and Exchange Commission has no plans to ask the D.C. Circuit Court of Appeals to overturn a ruling that overturned the regulator’s rejection of Grayscale Investment’s bid to implement a bitcoin exchange-traded fund ( btc-USD), Bloomberg reported on Friday, citing a person with knowledge of the matter.
The August ruling, which paves the way for Grayscale to convert its bitcoin trust (OTC:GBTC) into an ETF, was said to have been issued solely by bitcoin-etf” target=”_blank”>three of the judges of the court.
Many have argued that the approval of such an ETF would result in broader institutional adoption, but that would also mean reduced volumes on crypto exchanges and increased volume among the exchanges where these products would be traded.
