The District of Columbia court has ruled that the SEC wrongfully rejected Grayscale’s Bitcoin spot ETF. The court has ordered that the request for review be granted and the commission’s order be overturned.
Victory for Grayscale against the SEC
The decision of the United States District Court of Appeals for the District of Columbia on whether the Securities and Exchange Commission (SEC) wrongfully rejected a request from cryptocurrency asset manager Grayscale Investments for the listing of an exchange-traded fund (ETF) that tracks the price of Bitcoin was highly anticipated today.
The case was closely followed by the cryptocurrency and asset management sector, who have been trying for years to persuade the SEC to approve a Bitcoin spot ETF. They argue that this decision should allow investors to be exposed to Bitcoin, the world’s largest cryptocurrency, without actually owning it. However, the SEC is concerned that Bitcoin spot ETFs could be vulnerable to manipulation.
