Grayscale Investments LLC achieved a landmark legal victory over the U.S. Securities and Exchange Commission (SEC), clearing the path for the introduction of America's first Bitcoin spot exchange-traded fund (ETF). This judicial win has acted as a stimulant for Bitcoin prices and the broader cryptocurrency market.
In a significant legal decision, a trio of federal judges in Washington D.C. overturned the SEC's previous disapproval of Grayscale's Bitcoin spot ETF. The court found the SEC's initial denial, which was based on concerns of insufficient oversight and fraud risk, to be "arbitrary and capricious."
The judges noted that Grayscale had provided compelling evidence showing that their proposed offering was very similar to existing Bitcoin futures ETFs, which had already garnered SEC approval. Judge Neomi Rao highlighted that
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First found on: Grayscale's Landmark Legal Win Against SEC Opens Door for U.S.'s First Bitcoin Spot ETF
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