The United States Court of Appeals for the District of Columbia Circuit (DC Circuit) has ruled in favor of Grayscale in its dispute with the SEC over its Bitcoin ETF proposal. The SEC had previously denied Grayscale’s Bitcoin ETF based on the view that the proposal was not “designed to prevent fraudulent and manipulative acts and practices.” The DC Circuit disagreed, ruling that the SEC’s denial was “arbitrary and capricious.”
The news has been well-received by the crypto markets, with Bitcoin’s price jumping roughly 7% from $26,014 to $27,801. Grayscale’s Bitcoin Trust (GBTC) is also up 18.7% over the last 24 hours. Jake Chervinsky, Chief Policy Officer of the Blockchain Association, believes that this ruling could mark the end of the SEC’s decade-long denial of spot Bitcoin ETF proposals.
The ruling could also shape the fate of several other ETF proposals. Among those in queue is an application from global asset management giant BlackRock. Six additional ETF deadlines are slated for this week, with Bitwise’s Bitcoin exchange-traded product decision anticipated for Friday, alongside proposals from Fidelity, BlackRock, Bitwise, VanEck, Galaxy & Invesco, and Wisdomtree.
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 10 |
| People | Grayscale, BlackRock, Jake Chervinsky, SEC, VanEck |
| Companies | Grayscale, Fidelity, BlackRock, Yahoo! Finance, Blockchain Association, SEC, Wisdomtree, VanEck, CoinGecko, Invesco, Galaxy, Bitwise, United States Court of Appeals for the District of Columbia Circuit |
| Currencies | US Dollar, Bitcoin, Ethereum |
| Securities | None |
