The US Securities and Exchange Commission is set to make a decision on the first of seven applications to launch spot Bitcoin ETFs on Thursday. The SEC has been hesitant to approve a spot ETF application because it believes the Bitcoin market is prone to price manipulation. However, Bloomberg ETF analyst James Seyffart believes the recent legal win by Grayscale Investments against the SEC increases the chances of a successful outcome for the subsequent applicants.

Grayscale Investments posted a significant win against the SEC when the US Court of Appeals Circuit Judge Neomi Rao granted Grayscale’s petition for review on its ETF application and ruled that the SEC’s order to deny the GBTC listing be vacated. The Grayscale Bitcoin Trust is the largest Bitcoin fund, with over $14 billion worth of assets under management.

The win has triggered ripple effects, with US Congressman Warren Davidson calling for the ouster of the SEC Chair, Gary Gensler. House Financial Services Committee Chair, Patrick McHenry, also weighed in on the decision, saying Gensler’s criticism of the digital asset space ended.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	8
People	Tom Lee, Gary Gensler, Patrick McHenry, Michael Sonnenshein, Warren Davidson
Companies	BlackRock, Invesco, VanEck, Bloomberg, Bitwise, Wisdomtree, Patrick McHenry, House Financial Services Committee, US Court of Appeals Circuit Judge Neomi Rao, US Securities and Exchange Commission, US Congressman Warren Davidson, OpenSea NFT Collection., Fidelity, Valkyrie, Grayscale Investments
Currencies	Ethereum, US Dollar, Bitcoin, goBTC, APENFT
Securities	None