Grayscale Investments has secured a pivotal court order from a federal appeals court
The move, which is merely a formality, comes after the US Securities and Exchange Commission decided not to appeal the August court ruling.
As a result of the court's mandate, the SEC is now required to review its prior rejection of Grayscale's bid, which aimed to transition its existing trust into a Bitcoin-based ETF. Grayscale's proposal, which was earlier shunned due to the SEC's concerns about adequate surveillance to prevent fraud in a Bitcoin ETF, will now undergo a fresh review. The trust, established in March 2019, currently manages assets close to $5 billion, capturing 2.5% of the total Ether in circulation.
Michael Sonnenshein, Grayscale's CEO, emphasized that this conversion is supposed to present an investment model more aligned with the preferences of U.S. investors.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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