The DC Circuit Court of Appeals has formalized Grayscale Investments’ court win over the US Securities and Exchange Commission — sending the onus back to the regulator.

A three-judge panel ruled unanimously in August that the SEC rejecting Grayscale’s proposal to convert its bitcoin trust (GBTC) to an ETF — but allowing bitcoin futures funds to launch — was “arbitrary and capricious.”

The court ordered at the time that the commission’s order denying the GBTC conversion would be “vacated.” The final mandate comes 10 days after the SEC’s 45-day window to appeal the court loss to Grayscale expired. 

“The Grayscale team looks forward to continuing to work…

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