Grayscale, a crypto investment manager, has won a significant victory over the Securities and Exchange Commission (SEC) in the United States Court of Appeals for the District of Columbia Circuit. The court revoked the SEC’s order to turn the Grayscale Bitcoin Trust (GBTC) into a Bitcoin Spot ETF.Crypto stakeholders had predicted Grayscale’s victory before it happened. Crypto Lawyer John Deaton had posted on X (formerly Twitter) in February 2023 that the SEC would not be able to explain why they granted a futures ETF but not a spot. Senior Legal Analyst at Bloomberg Intelligence, Elliot Z. Stein, had also predicted the victory in March, saying that the SEC’s decision to not approve Grayscale’s ETF application was arbitrary.The victory has had a significant effect on the crypto market. Data from Coinglass shows that over $95 million in market liquidations occurred in the first few hours, with short traders bearing the brunt of the losses. In the first 24 hours, liquidation volumes rose to over $120 million. GBTC share price has recovered above $20.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	8
People	Gary Gensler, Elliot Z. Stein, Eric Balcunas, James Seyffart, John Deaton
Companies	Bloomberg Intelligence, Grayscale, SEC, Coinglass, X (formerly Twitter)
Currencies	Ethereum, XRP, Bitcoin, BNB
Securities	None