Grayscale Investments won its lawsuit against the US Securities and Exchange Commission in August. The DC Circuit Court of Appeals formalized the decision last week. 

And now, the industry waits to see what happens next in the crypto firm’s quest to convert its Grayscale Bitcoin Trust (GBTC) to an ETF. 

The court had ruled that the SEC’s decision to block GBTC’s conversion to an ETF — but allow bitcoin futures ETFs to launch — was “arbitrary and capricious.” It vacated the regulator’s disapproval order as part of the decision. 

Grayscale filed with the SEC last month to register shares of GBTC under the Securities Act of 1933 via an S-3 form. The SEC would need to…

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