Today there was an attempt of a recovery on ETF approval news: Grayscale’s Court Win Over SEC Lifts Hopes for Bitcoin ETF Approval. A lot of people misinterpreted this to mean an ETF would be approved. Noooope. It doesn’t really change anything. Rejection is still on the table.
This article from Reuters sums up the options for the SEC:
Both parties have 45 days to appeal the ruling, in which case it would either go to the U.S. Supreme Court or an en banc panel review. It is unclear if the SEC will appeal. The regulator did not immediately respond to requests for comment on Tuesday.
If Grayscale ultimately prevails and the SEC does not appeal, the court would specify how its decision should be executed. That could include instructing the SEC to approve the application, or to revisit Grayscale’s application, in which case the SEC could still reject the proposal on other grounds.
So, the SEC can still appeal, and failing that, find some other reason to reject. Not good for Bitcoin hopefuls.
The price has already resumed its fall after briefly crossing in $28k in the morning.
The realization is already dawning that this is not in any way, shape, or form a sign of imminent approval.
I added to my short positions and so far profited.