Grayscale’s Bitcoin Trust GBTC has achieved a major victory in the DC Court, as the court ruled that the SEC does not have the authority to reject the transformation of GBTC into a Bitcoin ETF. This ruling has caused a 6% surge in Bitcoin prices. Various applications have been submitted to the SEC challenging their rejections of crypto ETFs, and a final decision could potentially be postponed until March 2024. Experts have expressed their views on the implications of this victory. Jake Chervinsky, Chief Policy Officer at the Blockchain Association, believes that the SEC could still find another reason to reject the product. Peter Schiff, a critic of Bitcoin, believes that the transformation of GBTC into a spot Bitcoin ETF could have bearish implications for Bitcoin. Seyffart explains that the SEC could potentially revoke the approval of Bitcoin Futures ETFs. The recent directive from the DC Circuit implies that it’s not feasible to express concerns about market manipulation while simultaneously permitting Bitcoin futures ETFs. However, Seyffart indicates that the likelihood of this occurring is quite minimal. The second option entails rejecting the proposal based on previously unexplored grounds. As suggested by the Bloomberg analyst, this could relate to issues concerning Bitcoin custody or settlement, matters that don’t apply to futures ETFs. The SEC has consistently voiced substantial worries concerning the arrangements for the safekeeping of Bitcoin.The SEC has yet to issue any public remarks regarding the appeals court’s verdict. However, experts have suggested that Grayscale’s initial success might create a path toward potential future endorsement of these ETFs. The success achieved by Grayscale has acted as a significant catalyst for the crypto industry, as it could potentially pave the way for the approval of Bitcoin ETFs.

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

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	Peter Schiff, James Seyffart, Jake Chervinsky
Companies	VanEck, Galaxy Digital, Bitwise Asset Management, Fidelity, BlackRock, Invesco, Valkyrie., Grayscale, SEC, Blockchain Association, ARK Invest, WisdomTree
Currencies	Ethereum, Bitcoin
Securities	None