The verdict in the Grayscale-SEC lawsuit is expected soon, but it is unlikely to be announced today, according to Bloomberg Analyst James Seyffart.
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 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 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.
Bitcoin surged over 5% to surpass $27,000 after a federal appeals court ruled that the U.S. Securities and Exchange Commission must review its rejection of Grayscale Investments' attempt to convert its Grayscale Bitcoin Trust into an ETF, potentially opening the door for a spot bitcoin ETF in the U.S.
The U.S. Court of Appeals has criticized the Securities and Exchange Commission (SEC) for acting "capriciously" and "arbitrarily" in denying a spot market bitcoin exchange-traded fund (ETF), potentially leading to a review of the previously rejected application and challenging the SEC's authority over cryptocurrencies.
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.
The SEC is facing deadlines to decide on seven new Bitcoin spot ETF applications, with analysts stating that the best-case scenario is approval, but the SEC may also exercise its right to appeal.
Bitcoin rallied after a U.S. court ruled against the SEC's denial of Grayscale's request to convert its bitcoin trust into an ETF, resulting in a surge in bitcoin prices and a significant increase in coins moved to centralized exchanges.
Grayscale Investments CEO Michael Sonnenshein believes that the recent court decision in favor of Grayscale could lead to a new and unprecedented environment for cryptocurrencies, potentially expanding mainstream acceptance of digital assets and boosting the chances for other asset managers to win approval for their bitcoin products.
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.
A federal appeals court ruling has opened the door for the launch of a spot Bitcoin exchange-traded fund (ETF), with a number of high-profile asset managers potentially being approved to enter the market, leading to increased competition and potential fee reduction for fund managers.
The US Securities and Exchange Commission (SEC) has postponed its decision on three Bitcoin exchange-traded fund (ETF) applications from WisdomTree, Invesco, and Valkyrie, with new deadlines set for October.
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on spot bitcoin ETF applications until October, causing a 4.1% drop in bitcoin's value.
The United States Securities and Exchange Commission (SEC) has delayed BlackRock's application for a Bitcoin exchange-traded fund (ETF), pushing the decision deadline to October 17th.
The U.S. SEC has delayed a decision on all spot bitcoin ETF applications, causing Bitcoin and major tokens to lose weekly gains, while a New York court classified bitcoin and ether as commodities, dismissing a proposed class-action lawsuit against Uniswap.
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 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.
