Grayscale, a crypto asset management firm, won a landmark legal victory against the US Securities and Exchange Commission (SEC). The win sparked a $1,700 jump in Bitcoin in 30 minutes while the Grayscale Bitcoin Trust (GBTC) rose 17% to $20.60. The U.S. Court of Appeals for the District of Columbia Circuit ruled that the SEC’s earlier decision to reject Grayscale’s application to convert GBTC into a spot Bitcoin ETF listed it on the New York Stock Exchange’s Arca market was “arbitrary and capricious.”The court’s ruling was a big boost for the entire crypto ecosystem. Influencers and analysts have indicated that the court’s ruling might bring about favorable consequences for ETF applications by companies that included BlackRock, Fidelity and Ark Invest.The approval of a spot Bitcoin ETF would be a massive win for the cryptocurrency landscape. Citizens JMP Securities analysts, including Devin Ryan, say such a development would help catalyze mainstream adoption of Bitcoin and crypto assets.In another breakthrough, Crypto exchange Coinbase also secured approval this month to offer crypto futures trading to its U.S. customers, enabling it to provide Bitcoin and Ethereum futures contracts through a dedicated Futures Commission Merchant platform.
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 | Global |
| Countries | 🇮🇳 🇺🇸 🇳🇱 |
| Sentiment | positive |
| Relevance Score | 10 |
| People | Adam Cochran, Devin Ryan, Miles Deutscher, Elon Musk, Michaël van de Poppe |
| Companies | U.S. Court of Appeals for the District of Columbia Circuit, Grayscale, New York Stock Exchange, US Securities and Exchange Commission, Eight |
| Currencies | Ethereum, Shiba Inu, XRP, Bitcoin, goBTC |
| Securities | None |
