• Grayscale’s petition for review was approved, and the SEC’s decision to reject the GBTC listing application was overturned.
• The SEC has delayed making judgments on six applications for spot Bitcoin ETFs.
• The regulator would then have until October to decide whether to approve, disapprove, or postpone a decision.

In its quest to transform its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin ETF, cryptocurrency asset management Grayscale Investments has scored a crucial victory over the US Securities and Exchange Commission (SEC).

Grayscale’s petition for review was approved, and the SEC’s decision to reject the GBTC listing application was overturned, according to U.S. Court of Appeals Circuit Judge Neomi Rao. Though fighting back can be expensive or run the danger of the SEC having an impact on financial conglomerates, the crypto community is concerned about the decision’s limitations.

ETFs delay

To give applicants from WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and the Wise Origin Bitcoin Trust suggested by Fidelity more time to submit their applications, the SEC has delayed making judgments on six applications for spot Bitcoin ETFs.

The proposed rule modifications that would permit the listing of investment vehicles will be up for consideration by the SEC for an additional 45 days. The regulator would then have until October to decide whether to approve, disapprove, or postpone a decision.

Businesses dealing with crypto assets in the UK can already start withholding some crypto transactions to adhere to the new crypto travel rule.

The virtual asset service provider is required to conduct a “risk-based assessment” before deciding whether to make the crypto assets available to the beneficiary if an incoming payment is received from a foreign country that hasn’t yet implemented the Travel Rule.

Impact Theory has been charged by the SEC with conducting unregistered securities transactions by offering nonfungible tokens (NFTs) for sale to investors between October and December 2021.

Through the sale of three-tiered NFTs dubbed “Founder’s Keys,” the company was able to raise close to $30 million. In a report on the legality of virtual assets, the Chinese People’s Court made the case that, under the country’s current legal system, virtual assets are still considered to be legal property and are therefore protected by the law.