According to data source
A US federal appeals court has ruled that the Securities and Exchange Commission (SEC) was being uncharitable in chipping away at Grascale’s application for a spot Bitcoin ETF
Grayscale Investments, the world’s largest digital asset manager, announced that the U.S. Court of Appeals for the District of Columbia Circuit has dismissed the U.S. Securities and Exchange Commission’s (SEC) appeal of a trial court decision that found the SEC’s denial of the conversion of Grayscale’s Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) tied to the market price of bitcoin to be unlawful.
At trial, Grayscale presented evidence that GBTC met all the requirements for registration as an ETF and that converting GBTC to an ETF would benefit investors and the market as a whole. The company also pointed out that the SEC has approved several bitcoin futures ETFs that have more risks and complexities than a spot bitcoin ETF.
Bitcoin breaks through the $27,000 mark on this news 🔥
