A three-judge panel in Washington D.C. has overturned the decision of the U.S. Securities and Exchange Commission (SEC) to reject Grayscale’s efforts to launch a Bitcoin ETF based on spot prices. Grayscale had provided substantial evidence of a 99.9% correlation between Bitcoin’s spot and derivative markets, which is based on the logical and mathematical connection between the spot and derivative markets. The court agreed with Grayscale, stating that the SEC had not adequately explained why it had approved the listing of two Bitcoin futures ETPs but not the similar Bitcoin ETP proposed by Grayscale. This ruling is a landmark legal victory for Grayscale and the entire U.S. crypto industry. Although the SEC retains the option to appeal the court’s decision, the harsh language used by the judges suggests that the ruling is final. This decision not only marks a major legal victory for Grayscale, but also for the entire U.S. crypto industry, as it increases the likelihood of the first spot-ETFs from providers such as BlackRock & Co. being approved.

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Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	9
People	None, Richter, BlackRock & Co.
Companies	US-Gericht, BlackRock & Co., Tausenden von institutionellen Investoren, Grayscale Bitcoin Trust (GBTC), Grayscale, CME Exchange, SEC, US-Börsenaufsichtsbehörde
Currencies	US Dollar, Ethereum, Bitcoin
Securities	None