Bitcoin Spot ETFs Inch Closer to Reality in U.S.

On Friday, a person familiar with the matter said the U.S. Securities and Exchange Commission wouldn’t appeal its loss in the Grayscale case. “The SEC’s decision not to appeal against a ruling that it was wrong to reject a spot BTC ETF is a clear testament that regulatory dynamics in crypto are evolving,” said Lucas Kiely, chief investment officer at Yield App in a note to CoinDesk. “While this by no means guarantees that Grayscale will convert its bitcoin trust into an ETF, the move does allow Grayscale’s application to move forward,” Kiely said. “It also opens the door for further spot bitcoin ETFs in the U.S., which could potentially narrow the gap with Europe and Canada, where ETFs have already gained traction with investors.”