- Home
- Cryptocurrency
- The Countdown to Crypto History: Will Grayscale's ETF Dream Come True at Midnight?
The Countdown to Crypto History: Will Grayscale's ETF Dream Come True at Midnight?
![](/media/articles/1697373204.png)
Getting the Ball Rolling
October 13, 2023, will forever be etched in cryptocurrency history as the day the SEC was tasked with a pivotal choice following the D.C. Circuit Court of Appeals' ruling. The decision hinges on whether the regulatory body will file an appeal with the United States Supreme Court, requesting the Appeals Court to reconsider its August judgment, or if they will comply with the court's directive. This directive entails a comprehensive evaluation of Grayscale's plea to transform its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).
????NEW: The @SECGov has until midnight tonight to appeal the @Grayscale decision. If they don’t, then in seven days from now the case will be closed and Grayscale can start working with SEC staff to get the process of approval rolling.
— Eleanor Terrett (@EleanorTerrett) October 13, 2023
Note: Grayscale would work with two SEC…
Should the SEC choose not to appeal, the doors will swing wide open for Grayscale to collaborate with the SEC, specifically the Corporation Finance and Trading and Markets divisions. This could mark a significant turning point for the cryptocurrency market, ushering in an era of increased institutional involvement and a more diversified investment landscape.
We think appeal is a longshot and they work with issuers to get docs fine tuned for late 2023/early 2023 launch. But there's always a chance of something else happening.
— Eric Balchunas (@EricBalchunas) October 12, 2023
Setting the Stage
While the journey to this crucial crossroads started at the dawn of 2023, it has not been without its challenges and hurdles. The SEC has posed formidable resistance and roadblocks to the efforts of Grayscale and other ETF applicants. As a result, the expected final approval dates for most of these applications have been postponed to March 2024 or beyond.
This midnight deadline holds more than just Grayscale's fate in its grasp; it may set a precedent that reverberates through the crypto landscape, determining the destiny of other spot Bitcoin ETFs eagerly awaiting their moment in the regulatory spotlight. The decisions made in these final hours could redefine the crypto market and inspire new waves of innovation and investment opportunities.
As the seconds on the clock continue to tick away, the crypto community holds its breath, waiting for a decision that could transform the world of cryptocurrency. Will the SEC appeal, or will Grayscale be granted the green light to proceed with its spot Bitcoin ETF? The answer to this question, set to be unveiled at the stroke of midnight, may very well pave the way for the future of cryptocurrency investments, leaving an indelible mark on the financial landscape. The countdown to crypto history continues, and the world watches with bated breath.
Read more: Crypto Phishing Surge: A Rising Menace
Trending
![](/media/articles/thumb/1713207994.jpg)
![](/media/articles/thumb/1713207052.jpg)
Press Releases
Deep Dives
![](/media/articles/thumb/1713202119.jpg)
![](/media/articles/thumb/1702819494.jpg)
![](/media/articles/thumb/1702815162.jpg)