U.S. Court Orders SEC to Review Grayscale’s ETF Rejection
A U.S. court has ordered the U.S. Securities and Exchange Commission (SEC) to review its rejection of Grayscale Investments’ attempt to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. This legal victory has caused Bitcoin to surge by 5% and has narrowed the discount on GBTC from 25% to 17%. The ruling potentially opens the door for a spot Bitcoin ETF in the U.S., which would make it easier for the general public to invest in Bitcoin without directly buying the crypto. Circuit Judge Neomi Rao, in the D.C. Circuit Court of Appeals’ opinion, stated that federal agencies must “treat like cases alike.”
Key Points:
- The U.S. court has ordered the SEC to review its rejection of Grayscale’s Bitcoin Trust ETF conversion.
- Bitcoin has surged by 5% following the court ruling.
- The discount on Grayscale’s Bitcoin Trust has narrowed from 25% to 17%.
- The ruling potentially opens the door for a spot Bitcoin ETF in the U.S.
- Publicly-traded crypto names like Coinbase and MicroStrategy are also experiencing gains.
This court ruling has significant implications for the crypto market. Bitcoin’s immediate price surge following the ruling demonstrates investor confidence in the potential launch of spot Bitcoin ETFs. With the SEC being ordered to review its rejection of Grayscale’s ETF conversion, it is clear that the market is eagerly anticipating the impact of this decision.
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