Bloomberg Analyst: Court Can't Compel SEC Approval for GBTC to ETF Conversion, Even if Grayscale Win

On October 19, U.S. SEC Chairman Gary Gensler, in an interview with Bloomberg, stated, “The SEC has received 8-10 filings from ETF issuers; there's a process here, and we'll look forward to the staff's recommendations.”

Bloomberg ETF analyst Eric Balchunas noted that courts mostly reiterate what they've already said, and they won't mandate the SEC to convert GBTC (Grayscale Bitcoin Trust) into a spot ETF, as it's not within the court's authority. Therefore, even if Grayscale GBTC were to prevail, the SEC still holds some control over its fate.