2023-08-29 15:04:00
U.S. digital asset management company Grayscale Investments is close to launching the first physical Bitcoin Exchange Traded Fund (ETF) in the U.S.
A three-judge panel at a federal appeals court in Washington today overturned a decision by the U.S. Securities and Exchange Commission (SEC) to reject a Bitcoin ETF application.
This decision was seen as a big win for the crypto asset (virtual currency) market, and bitcoin surged. It rose 6% at one point. However, the SEC may appeal the decision.
In June 2022, the SEC rejected Grayscale’s request to convert its bitcoin fund into an ETF. The company has since sued the SEC.
Grayscale Filed to Convert World’s Largest Bitcoin Trust to ETF
SEC denies conversion of bitcoin investment trust to ETF – Grayscale sues
“The SEC’s denial of the Grayscale application was an arbitrary and inconsistent decision because the SEC failed to explain its different treatment of similar products,” Judge Neomi Rao wrote. did.
The SEC has not yet responded to a request for comment. In a statement, Grayscale described the decision as “a monumental step forward for U.S. investors.”
In its opinion, the Supreme Court said Grayscale had “provided sufficient evidence” that its product was similar to the SEC-approved bitcoin futures ETF.
Original title:US Court Paves Way for Spot Bitcoin ETF in Grayscale Ruling (2)(excerpt)
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