Grayscale urges U.S. SEC to approve spot bitcoin ETF following court victory

Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. REUTERS/Dado Ruvic/Illustration

WASHINGTON (Reuters) - Grayscale Investments on Tuesday urged the U.S. Securities and Exchange Commission (SEC) to quickly approve its proposed exchange-traded fund that would track bitcoin, following the crypto asset manager's court victory against the agency.

A three-judge panel of the District of Columbia Court of Appeals in Washington last week ruled that the SEC was wrong to reject Grayscale's proposed bitcoin ETF without explaining its reasoning, in a case that has been closely watched by the industry and which briefly boosted the price of bitcoin nearly 7%.