The court held that the agency failed to explain its different treatment of similar spot and futures-based products. The ruling returned the matter to the SEC and did not itself approve the conversion.
All events
Grayscale wins its appeal against the SEC
The D.C. Circuit vacated the SEC's denial of Grayscale's proposal to convert GBTC into a spot Bitcoin ETP.
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IN THE SHOWThe Long Arm of the Law