The crypto sector breathed a collective sigh of relief when the D.C. Circuit Court of Appeals reversed course on the SEC, overturning its previous rejection of a Bitcoin Spot ETF from Grayscale Investments. Celebrations erupted on digital platforms, including X (formerly Twitter), where influential figures hailed the decision as transformative.
However, the battle is far from over…
The Next Steps for the SEC: A Cloud Over the Triumph
However, the initial euphoria was quickly tempered by the nuanced legal landscape that remains. Craig Salm, General Counsel of Grayscale, took a cautious stance afterwards, emphasizing that the court’s opinion was essentially tied to equal treatment under U.S. law. This cautiously optimistic interpretation resonated among analysts, who recognized the SEC’s aptitude for legal maneuvering. Jake Chervinsky, Director of Policy at the Blockchain Association, cautiously mentioned the likelihood of the SEC accepting defeat and using the judge’s decision to ease its anti-spot ETF policy.
On the other hand, the SEC could simply find another reason to reject Grayscale’s proposal and impose a new, lengthy, and costly litigation following a second review of the giant’s application.
