Grayscale's victory in the lawsuit against the SEC may not guarantee approval for the issuance of Spot Bitcoin ETFs, according to Bloomberg analyst James Seyffart. The language used by the court during its ruling will determine the approval of the ETF application. Seyffart expects a decision on the matter between the second and third quarter of 2023 and notes that Grayscale's victory would not necessarily allow it to convert the Grayscale Bitcoin Trust into a Spot Bitcoin ETF. The court ruling's language could leave the door open to other reasons for rejection.
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Bloomberg Analyst Believes Grayscale's Victory Against SEC May Not Guarantee Spot Bitcoin ETF Approval
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