29/08/2023 - court rules in favor of Grayscale over SEC - ETF Related/Incoming

[aoluain]

A Bitcoiner friend has just chatted to me about this court ruling in favour of Grayscale
Investments against the SEC, it seems like the news has generated a bit of a jump in
the market, rising today by over 6%.

So I'm not US based and know nothing of the legal system there but this case sounds
very interesting and as the headline below suggests an Bitcoin ETF could land sooner
than anticipated for better or worse.

First bitcoin ETF could be coming soon as court rules in favor of Grayscale over SEC

https://www.cnbc.com/2023/08/29/first-bitcoin-etf-could-be-coming-soon-as-court-rules-in-favor-of-grayscale-over-sec.html

The court sided with Grayscale in a lawsuit against the Securities and Exchange Commission
which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF.

“The Commission failed to adequately explain why it approved the listing of two bitcoin futures
ETPs but not Grayscale’s proposed bitcoin ETP,” the court said, referring to exchange-traded
products. “In the absence of a coherent explanation, this unlike regulatory treatment of like
products is unlawful.”

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[zasad@]

It was only a matter of time before spot ETFs were legalized in the US. If it is allowed in Europe and Canada, then why should it be prohibited in the US, if the laws for ETF funds have been in place for a long time.
The judiciary in the United States operates in the interests of business, although
Cryptocurrency companies will have to resort to the help of the court many times over when confronting such strong opponents as the SEC.