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Haider Jamal

Aug 30, 2023

Grayscale Triumphs Over The SEC As Push For BTC ETF Continues

History has been made as Grayscale, the popular cryptocurrency asset manager, has emerged successful in its legal dispute against the U.S. Securities and Exchange Commission (SEC).

The U.S. District of Columbia Court of Appeals has ruled in favor of Grayscale, overturning the lawsuit initiated by the SEC and potentially moving the company closer to achieving the status of a Bitcoin Spot Exchange Traded Fund (ETF).

This decision deals a significant setback to the attempts made by the SEC to hinder Grayscale and its progress in establishing a Bitcoin Spot ETF. Although the verdict does not directly transform the Grayscale Bitcoin Trust (GBTC) into a Spot ETF, it undoubtedly signifies a pivotal milestone toward that objective.

Unsurprisingly, Bitcoin experienced a notable upswing, slightly above its 200-day Moving Average (MA). Initial concerns were raised that the MA might obstruct recovery from recent setbacks. However, in view of the recent progress regarding Grayscale, BTC effortlessly crossed the $27,000 threshold and briefly reached $27,500.

Additionally, this victory for Grayscale against U.S. regulatory entities signifies a notable accomplishment for the overall cryptocurrency market, which has been contending with a continuous crackdown by regulatory bodies. The result therefore establishes a positive precedent that could restore confidence in the market and reverse the recent pattern of liquidity outflows.

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