Historical retrospective · Policy
The D.C. Circuit ruling changed the path to spot Bitcoin ETPs
In August 2023 the D.C. Circuit vacated the SEC’s order denying Grayscale’s proposed conversion, finding the agency had not adequately explained its different treatment of similar products.
The court remanded the matter rather than itself approving a product, changing the regulatory record the SEC had to address.
The ruling preceded the January 2024 approvals and became a key legal milestone in the ETP timeline.
The opinion is narrower than claims that a court ordered the SEC to approve all spot crypto products.
Primary source
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