 decision to reject crypto asset management company Grayscale's spot Bitcoin exchange-traded fund (ETF) application){kind=link}
In the US, a federal court overturned the US Securities and Exchange Commission’s (SEC) decision to reject crypto asset management company Grayscale’s spot Bitcoin exchange-traded fund (ETF) application. The US federal appeals court ruled that the SEC was wrong to reject Grayscale’s spot Bitcoin ETF application. Bitcoin and crypto stocks rose after the court cleared the way for the ETF. Following the decision, Bitcoin gained more than 5 percent in value and rose above the $ 27,500 level.
Regarding the issue, Grayscale spokesperson stated that the decision is an important step forward for American investors and the Bitcoin ecosystem, and noted that they will review the details of the decision with the Grayscale team and legal advisors and follow up their next steps with the SEC.
The SEC rejected Grayscale’s application in June last year, arguing that a Bitcoin-based ETF lacked adequate oversight. Grayscale, on the other hand, filed a lawsuit to overturn the SEC’s decision, accusing it of discriminating against its product when approving similar Bitcoin futures ETFs.