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US Federal Appeals Court Affirms Formal Victory for Grayscale Investments LLC in Bitcoin Spot ETF Trial Despite SEC Objections
The US Federal Appeals Court recently ruled that Grayscale Investments LLC should be allowed to launch a Bitcoin spot ETF, despite objections from the US Securities and Exchange Commission (SEC). This represents a formal victory for Grayscale after the court overturned the SEC's rejection of the proposal to convert its trust into an ETF. The SEC had argued that a Bitcoin-based ETF lacked adequate oversight to detect fraud. Grayscale now intends to continue working constructively with the SEC to convert GBTC into an ETF. The possible impact on the market The US Federal Appeals Court decision could have far-reaching effects on the crypto market...
US Federal Appeals Court Affirms Formal Victory for Grayscale Investments LLC in Bitcoin Spot ETF Trial Despite SEC Objections
The US Federal Appeals Court recently ruled that Grayscale Investments LLC should be allowed to launch a Bitcoin spot ETF, despite objections from the US Securities and Exchange Commission (SEC). This represents a formal victory for Grayscale after the court overturned the SEC's rejection of the proposal to convert its trust into an ETF. The SEC had argued that a Bitcoin-based ETF lacked adequate oversight to detect fraud. Grayscale now intends to continue working constructively with the SEC to convert GBTC into an ETF.
The possible impact on the market
The US Federal Appeals Court’s decision could have far-reaching implications for the crypto market. A Bitcoin spot ETF could attract institutional investors and increase confidence in the market. This could lead to a rise in the price of Bitcoin and increase mainstream adoption of cryptocurrencies.
Conclusion
The court's decision and the prospect of a Bitcoin ETF from Grayscale could spur cryptocurrency growth and adoption. It remains to be seen how the SEC will respond to the court's decision and whether Grayscale will actually successfully launch the ETF.
According to a report by www.wiwo.de
Read the source article at www.wiwo.de