Should the SEC reject spot bitcoin ETF applications, it may face legal action from applicants, according to JPMorgan analysts.
Should the United States Securities and Exchange Commission decline approval for spot bitcoin exchange-traded fund applications, it may face legal action from applicants, according to JPMorgan. "Any rejection could trigger lawsuits against SEC creating more legal troubles for the agency," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Wednesday.
Last month, the SEC lost in a case brought against it by Grayscale Investments after a court ruling in favor of the crypto asset manager. The SEC did not appeal, and the ruling was formalized earlier this week — mandating the SEC to reconsider the application from Grayscale to convert its bitcoin trust into a spot bitcoin ETF.
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