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- Following Grayscale’s legal victory against the SEC, JPMorgan suggests that the SEC may have no choice but to approve multiple spot Bitcoin ETF applications.
- A federal court has ruled that the SEC must reconsider its rejection of Grayscale’s attempt to convert its Bitcoin Trust (GBTC) into an ETF.
- The SEC may prefer to delay spot Bitcoin ETF applications until mid-October, indicating that multiple spot Bitcoin ETF applications could be approved simultaneously.
According to banking giant JPMorgan, the U.S. Securities and Exchange Commission (SEC) may be forced to approve multiple spot Bitcoin exchange-traded fund (ETF) applications following Grayscale’s legal victory against the SEC.
Impact of the Grayscale Case on ETFs
Experts suggest that if Grayscale wins, the SEC may have to retroactively withdraw its previous approval for Bitcoin ETFs based on futures contracts to defend its rejection of Grayscale’s proposal to convert its Bitcoin trust into an ETF. A team of JPMorgan analysts led by Nikolaos Panigirtzoglou noted on Friday that this scenario seems unlikely. They stated:
It seems more likely that the SEC will be forced to approve pending spot Bitcoin ETF applications, including Grayscale’s.
Earlier this week, a federal court ruled that the SEC must reconsider its rejection of Grayscale’s attempt to convert its Bitcoin Trust (GBTC) into an ETF. The court ruled that there was no justification for the SEC to allow ETFs based on Bitcoin futures contracts but reject spot Bitcoin ETFs.
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Critical Comments from JPMorgan Analysts
The reason for this is cited as fraud and manipulation in the Bitcoin spot market, and the spot Bitcoin market and CME pose a similar risk for both futures and spot products. The court also concluded that the SEC’s rejection of Grayscale’s proposal was “arbitrary” because the agency could not explain its different treatment of similar products.
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The SEC announced on Thursday that it will delay decisions on spot bitcoin ETFs proposed by several firms, including BlackRock, Fidelity, and Invesco, at least until mid-October. JPMorgan analysts commented on the matter:
It probably indicates that multiple spot Bitcoin ETF applications will be approved simultaneously, rather than giving any applicant the first move advantage.
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Conclusion
The recent legal victory of Grayscale against the SEC could potentially change the landscape of Bitcoin ETFs. With the SEC being forced to reconsider its previous decisions, the approval of multiple spot Bitcoin ETF applications seems more likely. This development could have significant implications for the cryptocurrency market and its investors.
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