The U. is one step closer to having a spot market #bitcoinETF, the holy grail of white glove crypto financial products.
29 Aug 2023, 19:53
The U.S. is one step closer to having a spot market #bitcoinETF, the holy grail of white glove crypto financial products.
On Tuesday, a three-judge panel for the U.S. Court of Appeals delivered a crushing interpretation of the @SECGov ’s logic for denying an ETF, finding the agency acted “capriciously” and “arbitrarily.”
In particular, the District of Columbia Court of Appeals sided with @Grayscale (disclosure: CoinDesk’s sister company) in its pursuit to transition the massive $GBTC into an ETF. More precisely: The judges granted Grayscale’s petition for review, meaning the SEC will have to review Grayscale’s previously rejected ETF application and maybe come up with better reasons for denying it again.
What happened today is important for two big reasons. First, ETFs are important because it increases the number of people who can invest in crypto by providing a more traditional and regulated pathway.
And second, like the @Ripple decision in July, the U.S. Court of Appeals has shown that the SEC is not the ultimate arbiter of crypto.
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