Grayscale has won a major victory in court against the Securities and Exchange Commission (SEC), bringing the U.S. market one step closer to approval of a Bitcoin spot ETF. Bloomberg Intelligence Senior Legal Analyst Elliot Z. Stein had given Grayscale a 70% chance of winning its lawsuit against the SEC. Grayscale’s lawsuit accused the SEC of arbitrary and capricious treatment of its filing to convert the Grayscale Bitcoin fund into a spot ETF. During oral arguments in March, judges overseeing the case appeared to agree with Grayscale, pressing the SEC for having no decent explanation for why Grayscale was wrong. Bloomberg’s ETF analysts James Seyffart and Eric Balcunas also sided with Stein on the matter, maintaining that a Grayscale court victory is the most likely course to spot ETF approval this year. Crypto Lawyer John Deaton predicted Grayscale’s court victory as early as February, before oral arguments even took place. Deaton followed up after the court’s decision on Tuesday, stating that the SEC was unable to reasonably explain why they granted a futures ETF but not a spot. Bitcoin and GBTC both rallied in response to the news, however, Bitcoin-supportive lawyer Joe Carlasare has warned that spot ETF approval is not yet guaranteed. A ‘win’ for Grayscale simply means that the SEC would be ordered to revisit its decision on the company’s application. Nevertheless, Carlasare said in early July that the best chance of ETF approval “rests with a favorable outcome in the Grayscale v SEC case.”
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 8 |
| People | John Deaton, James Seyffart, Elliot Z. Stein, Gary Gensler, Eric Balcunas, Joe Carlasare |
| Companies | BlackRock, PrimeXBT, Grayscale, Securities and Exchange Commission (SEC), Bloomberg Intelligence |
| Currencies | US Dollar, Ripple, Ethereum, Bitcoin |
| Securities | None |
