Grayscale Defeats SEC in Court, Bringing U.S. Closer to Bitcoin Spot ETF Approval
Grayscale has emerged victorious in its lawsuit against the Securities and Exchange Commission (SEC), a significant step towards the approval of a Bitcoin spot ETF in the U.S. Here are the key points:
- Bloomberg Intelligence Senior Legal Analyst Elliot Z. Stein gave Grayscale a 70% chance of winning the lawsuit.
- Grayscale accused the SEC of arbitrary treatment and cited the agency’s approval of similar Bitcoin futures ETFs as proof of a double standard.
- Judges overseeing the case appeared to agree with Grayscale during oral arguments, boosting the company’s victory odds to 70%.
- John Deaton, a crypto lawyer who represented XRP investors in Ripple’s lawsuit against the SEC, predicted Grayscale’s victory as early as February.
- While the court’s decision is a win for Grayscale, spot ETF approval is not guaranteed. The SEC may be ordered to revisit its decision on Grayscale’s application.
Hot Take: Grayscale’s victory in court is a significant milestone for the approval of a Bitcoin spot ETF in the U.S. It demonstrates the SEC’s inconsistency and opens the door for further discussions on the agency’s treatment of cryptocurrency-related filings. While the outcome is positive, the final approval of a spot ETF is still uncertain and will require continued efforts from Grayscale and other stakeholders in the crypto space.
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