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.
Top News
19 hours ago
More From The News
Press Releases
Payments
New Payment Limit For Crypto Wallets Scrapped
The recent Anti-Money Laundering re... Read more
Bitcoin
Bitcoin Undergoes Price Correction As International Economies
A significant portion of the crypto... Read more
Join Our Newsletter
Get the latest trends and updates on our crypto community.