Patrick Daugherty Comments on the Prospect of SEC Approval for Bitcoin ETF

Foley & Lardner LLP partner Patrick Daugherty is quoted in the Law360 article, “SEC Silence On Grayscale Win Hints At Bitcoin ETF Approvals,” commenting on the U.S. Securities and Exchange Commission’s decision not to challenge a decision overturning its rejection of digital currency asset management company Grayscale Investments’ bitcoin exchange-traded fund (ETF) proposal.

Daugherty explained that the opinion from the D.C. Circuit earlier this year, which directed the SEC to review its rejection of Grayscale’s attempt to convert its bitcoin trust into an ETF, did not mandate that the agency approve the product, but instead asked it to reconsider Grayscale’s proposal with the opinion in mind.

“They can either approve the application, or they can disapprove it again. But if they disapprove it again, they had better do it in a way that complies with the opinion,” Daugherty added.

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