The U.S. Court of Appeals for the D.C. Circuit recently ruled in favor of digital asset management company Grayscale Investments in its lawsuit against the Securities and Exchange Commission (SEC). The court ordered the agency to review its rejection of Grayscale’s application to turn its flagship Grayscale Bitcoin Trust fund (GBTC) into a spot Bitcoin exchange-traded fund (ETF). The SEC had argued that Grayscale failed to disclose how it would prevent market manipulation, but the court said the agency’s reasons for favoring futures ETFs over spot products were unreasonable. Yamina Sara Chekroun, an experienced corporate attorney and the head of Legal U.S. of Ramp, said the court’s decision is a positive step towards the potential for a spot ETF in the future, although the SEC could still file an appeal. Chekroun added that the ruling indicates that the crypto industry has leaders ready to defend access to digital asset products.Joonatan Lintala, CEO of the decentralized social app Phaver, stated that the Grayscale ruling is a “favorable development” for regulations that safeguard investors instead of imposing restrictions. Andrey Stoychev, project manager at crypto exchange Nexo, opined that BTC’s rally after the win was a “vital boost in morale” for investors after the asset had one of its worst weeks since March. However, he speculated that the uptick would not be a straight upward spiral into the next bull market, and this is evident as BTC has erased all of its gains from the euphoria of Grayscale’s victory.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	positive
Relevance Score	8
People	Andrey Stoychev, Joonatan Lintala, Yamina Sara Chekroun
Companies	Grayscale Investments, Phaver, CryptoPotato, Ripple Labs, Nexo, XRP, Securities and Exchange Commission (SEC)
Currencies	US Dollar, goBTC, Ethereum, XRP, Bitcoin
Securities	None