Grayscale Wins Lawsuit Against SEC, Boosting Bitcoin to Two-Week Highs
Summary:
Bitcoin (BTC) surged to a two-week high as digital asset manager Grayscale won a lawsuit against U.S. regulators. The court ruled that the SEC was wrong to reject Grayscale's application for a Bitcoin ETF. This decision could have a positive impact on other ETF applications, including BlackRock's. Grayscale's battle with the SEC has been ongoing, but they remain determined to convert their Grayscale Bitcoin Trust (GBTC) into an ETF. BTC price reached $27,300 following the news.
Bitcoin (BTC) reached its highest point in nearly two weeks on August 29 after the news broke that Grayscale, a digital asset manager, had emerged victorious in a lawsuit against U.S. regulators. The price of BTC/USD surged by $1,700 within a span of 30 minutes, leading to a significant disruption in the previously stagnant Bitcoin trading environment. A recent ruling by the United States Court of Appeals revealed that the U.S. Securities and Exchange Commission (SEC) was incorrect in rejecting Grayscale's application for a Bitcoin-based exchange-traded fund (ETF), stating that the SEC's denial was "arbitrary and capricious" due to its inconsistent treatment of similar products. Grayscale now joins the list of companies awaiting SEC approval for the first U.S. spot Bitcoin ETF, while Bitcoin's current price on Bitstamp hovers around $27,300. Analysts suggest that this decision by the court could potentially have a positive impact on other ETF applications, including that of BlackRock, the world's largest asset manager. Grayscale's battle with the SEC has been a lengthy process, but they remain determined to convert their Grayscale Bitcoin Trust (GBTC) into an ETF. GBTC shares rose more than 17% to $20.60 following the news.
Published At
8/29/2023 3:25:35 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.