Grayscale Defeats SEC
Posted on 08/30/2023
Creating ripple effects for BlackRock and others who have filed for a bitcoin ETF, a federal appeals court said the Securities and Exchange Commission had no right to deny Grayscale the opportunity to seek its bitcoin ETF. Bitcoin was trading below US$ 26,000 before the news and quickly jumped before settling down to the US$ 27,500 range.
“The denial of Grayscale’s proposal was arbitrary and capricious because the commission failed to explain its different treatment of similar products,” judge Neomi Rao found.
This could pave the way for multiple bitcoin and other cryptocurrency ETFs.