Crypto traders are eagerly awaiting a ruling on the Grayscale Trust vs SEC case, which may require the SEC to re-review the application for a spot Bitcoin ETF, potentially leading to a 240-day delay.
The US Court of Appeals has once again delayed its decision on whether Grayscale can convert its Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF), causing uncertainty and leaving investors waiting for clarity.
The U.S. District of Columbia Court of Appeals will soon rule on whether the SEC wrongly rejected Grayscale Investments' application to list a bitcoin exchange-traded fund, which could impact the approval of other bitcoin ETFs.
Bitcoin (BTC) surged to near two-week highs after news broke that Grayscale won a lawsuit against U.S. regulators, with the court ruling that the SEC was wrong to reject Grayscale's Bitcoin ETF application.
Bitcoin and other cryptocurrencies experience a surge in value as Grayscale Investments wins a court decision that increases the likelihood of a spot Bitcoin exchange-traded fund being approved.
The crypto markets experienced their largest outflows since March, with digital assets losing $168 million last week, primarily due to negative sentiment surrounding the delay in the approval of a spot Bitcoin ETF in the US by the SEC. However, Grayscale won its lawsuit against the SEC, which rejected its ETF application, and while BTC took the brunt of the outflows, other altcoin products saw some inflows.
Bitcoin led the cryptocurrency market higher following Grayscale's victory in the lawsuit against the SEC, but analysts caution that the victory does not guarantee the approval of a spot Bitcoin ETF.
Presidential candidate Vivek Ramaswamy praised Grayscale's victory over the SEC, stating that the decision will help keep Bitcoin and blockchain innovation within the United States, and he promised to rescind federal regulations that fail the Supreme Court's test, potentially limiting the SEC's influence.
Grayscale achieves a victory against the SEC, Evergrande's bankruptcy could negatively impact risk-on assets, and the 16 trillion PEPE tokens reportedly stolen raise concerns over rug-pulled altcoins, according to The Market Report.
The Securities and Exchange Commission (SEC) may have suffered setbacks in its regulation-by-enforcement approach to the cryptocurrency industry, with the latest ruling in favor of Grayscale Investments potentially paving the way for the emergence of a bitcoin spot exchange-traded fund (ETF); however, the SEC could appeal the decision or find new ways to deny similar applications, and the lack of a regulated exchange for the bitcoin spot market remains a challenge. Despite court challenges, SEC Chair Gary Gensler is expected to continue pursuing his regulation tactics, while Congress and a potential Republican president in 2024 may play a role in shaping the regulatory environment for digital assets.
The Grayscale Bitcoin ETF decision is important for several reasons, as stated in an opinion piece by Daniel Kuhn from CoinDesk.
Grayscale wins a victory in its battle against the SEC as a judge allows a second review of its Bitcoin ETF application, Ben Armstrong is removed as the public face of BitBoy Crypto due to substance abuse and financial damage, and the SEC delays its decision on six spot Bitcoin ETF applications.
The SEC's denial of Grayscale's spot Bitcoin ETF application has been reviewed by a judge due to the SEC's failure to provide a coherent explanation, while the SEC also delayed verdicts on several Bitcoin spot market ETF applications, including BlackRock's, causing prices to rally; in other news, Circle's USDC stablecoin has experienced a significant decrease in market cap, SEC Commissioner Hester Peirce criticized the SEC's attempt to bring crypto exchanges under its jurisdiction, a lawsuit against Uniswap was dismissed by a New York judge, StarkWare zeroed all user balances on old wallets, Vivek Ramaswamy celebrated Grayscale's win over the SEC, the SEC delayed its verdict on multiple ETF applications including BlackRock's, and Chinese courts considered cryptocurrencies legal property protected by law.
The recent court ruling regarding Grayscale Investments has brought the U.S. a step closer to having its first bitcoin exchange traded fund, leading to excitement and speculation in the cryptocurrency industry.
A fake Twitter account claiming to be associated with Grayscale is promoting a $25 million crypto giveaway, but it has been confirmed to be a scam by the real Grayscale spokesperson, highlighting the prevalence of crypto scams on the platform formerly known as Twitter.
U.S. Securities and Exchange Commission Chair Gary Gensler continues to emphasize the importance of crypto companies complying with securities laws, despite recent setbacks in court cases against the industry. Gensler will discuss recent enforcement actions and proposals related to cryptocurrency firms but will avoid discussing ongoing litigation, including high-profile cases against Coinbase and Binance.
A court victory for Grayscale Bitcoin Trust may lead to its transformation into an exchange-traded fund, potentially providing a profitable opportunity for investors. However, the approval of the US Securities and Exchange Commission (SEC) remains uncertain, despite a recent favorable ruling.
Cryptocurrency investment firm Grayscale has abandoned all rights to proof-of-work (PoW) Ethereum tokens one year after the Ethereum Merge due to lack of liquidity and support from custodians.
Grayscale, the digital asset manager, offers a range of products beyond its bitcoin trust, including trusts for ether, ether classic, zcash, and horizen, trading at significant discounts or premiums that may be of interest to investors.