An appeals panel in Washington DC negated a past SEC ruling that blocked Grayscale’s (GBTC) efforts to “convert” the $16B GBTC bitcoin trust into a “physically-backed ETF,” writes Katherine Greifeld for Bloomberg. Although Tuesday’s ruling overturned the SEC decision, Grayscale’s efforts for the $16.2B conversion of the Bitcoin trust “into a physically-backed ETF, doesn’t equate with Grayscale getting the nod to “launch the first US spot fund ahead of a crowded queue of similar applications,” added the Bloomberg story.
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