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.
Tired of missing hot new listings because your favorite exchange is banned in the US? 🇺🇸
With RocketXchange you can finally trade on Kucoin, ByBit and more without registration or KYC! 🙌
Simply connect your wallet to access every coin. No VPN needed.
Seamlessly bridge between EVM, Solana, Cosmos and 100+ chains. Discover the next crypto gem with low fees.
Take your trading to the next level with:
- Instant access to banned CEXs 🚫
- No KYC required 🙅♂️
- Trade on your terms – no registration required
- Maintain full custody – tokens stay in your wallet
- Access liquidity across leading DEXs and CEXs
- Bridge assets quickly between any blockchain
Escape CEX limits today with RocketXchange!
Show more +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.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
