In a major victory for the cryptocurrency industry, Grayscale Investments has won its lawsuit against the Securities and Exchange Commission (SEC). The SEC had rejected Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF).
The U.S. Court of Appeals for the D.C. Circuit ruled in favor of Grayscale on Tuesday, August 29, 2023. The court found that the SEC’s decision to reject Grayscale’s application was arbitrary and capricious.
The court’s decision is a major victory for the cryptocurrency industry. It paves the way for the creation of a spot bitcoin ETF, which would make it easier for investors to buy and sell bitcoin.
The price of bitcoin reacted positively to the court’s decision. Bitcoin’s price surged by more than 5.3% in the hours following the ruling. BTC surged from a 24-hour low of $25,912 to a high of $27,626 at press time.
The other cryptocurrencies also reacted positively to the news. The price of Ethereum, the second-largest cryptocurrency, rose by more than 5%. The global crypto market cap also spiked by 3.445 and stands at $1.09 trillion.
The price reaction to the news is also a positive sign. It shows that investors are bullish on cryptocurrencies and that they believe that the industry has a bright future.
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