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ARTICLE · 08 SEPTEMBER 2023

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Court Grants Victory To Grayscale

Ropes & Gray LLP
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On August 29, 2023, a three-judge panel of the D.C. Circuit Court of Appeals unanimously sided with Grayscale in its long-running battle with the Securities and Exchange Commission ("SEC")...

United StatesTechnology
Ropes & Gray LLP
Ropes & Gray LLP
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On August 29, 2023, a three-judge panel of the D.C. Circuit Court of Appeals unanimously sided with Grayscale in its long-running battle with the Securities and Exchange Commission ("SEC") regarding its application to launch the first bitcoin exchange-traded fund. Observing that the SEC's denial of Grayscale's proposal was "arbitrary and capricious" because it was inconsistent with the SEC's treatment of similar products, the Court vacated the SEC's June 2022 rejection of a proposed rule change that would allow NYSE Arca to list Grayscale Bitcoin Trust ("GBTC") shares on its exchange. The Court's Order and implications for the future of spot bitcoin exchange-traded product ("ETP") listings are summarized below.

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