Grayscale took the initiative to launch a bitcoin Exchange Traded Fund (ETF) in the US, a development that could mark a pivotal moment in the cryptocurrency sector's bid to attract funding from mainstream investors. But US Securities and Exchange Commission (SEC) prohibits it. A long battle between Grayscale and the SEC recently ended with a three-judge panel overturning the SEC's decision to suspend ETFs.
Today the judge of US Court Neomi Rao paves way for first Spot Bitcoin ETF after Grayscale wins lawsuit against SEC. She also emphasized the inconsistency in the treatment of similar products. This victory of grayscale will play a revolutionary role in the Cryptospace.
Grayscale has been pursuing the Spot Bitcoin ETF for a year. Now, with the courts on their side, this is a major win not just for Grayscale, but for all of cryptocurrency. The SEC, however, will look to fight the decision. The Grayscale Bitcoin trust is one of the largest trusts holding Bitcoin, and its holding is also seeing a rally of over 20%.
We can understand that this victory of Grayscale will have a very positive effect on the crypto market by looking at the price movement of Bitcoin after this news. Bitcoin rose 8% from its current price shortly after the news of their victory was published. Bitcoin is now trading almost $28,000, up nearly 8% in the past 24 hours. Large investors may now be looking into Bitcoin if Spot Bitcoin is converted into a regulated ETF. So that, it can bring a massive adoption from the investors.
The US economy has had positive as well as negative effects after cryptocurrency-related products gained a lot of acceptance in the past. So nowadays some crypto deals are carefully vetted by SEC prior to approval. If this Grayscale Bitcoin ETF gains acceptance, it will potentially play a vital role in other crypto-related projects.
Last year, the SEC rejected Grayscale’s ETF conversion proposal, citing concerns about oversight to detect fraudulent activities. It responded with a lawsuit to reverse the decision, alleging discrimination against its product in contrast to similar Bitcoin futures ETFs that were approved.
One of the ETF analyst clarified that while this ruling does not automatically convert GBTC into an ETF, it brings the process closer. The SEC has up to 45 or 60 days to issue another order. Appeals-wise, the SEC has a 45-day window to apply for an en banc hearing.
All in all, we have been in a bear market for almost two years. But when we think fundamentally, we can see that there are several positive movements in the crypto market. This is indicative of a bull market. Moreover, there is a Bitcoin halving next year. Hopefully, the golden age of the Cryptospace is coming. I think this is the prime time to accumulate Cryptocurrencies. Almost all crypto coins are currently trading near their all-time lows (ATL). So if you can invest in good quality crypto projects at this time, you can make up to 100 times profit in the next bullrun. Try to invest your precious money in crypto now without delay.
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What a good topic and how interesting you have made us with this post. I really congratulate you, very good content and explained
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! help(no space) to get help on Hive. InfoCiting sources at the bottom of your post does not give you the right to copy sections of it word by word to your post. When nearly 40% of your post is lifted from the internet without giving proper citation, that can be classified as plagiarism. Since you are still relatively new to Hive, this can be forgiven as a rookie error, Please never abuse Hive again.
Sincerely sorry for causing trouble. Can you please tell me how I can properly cite the sources? Or how to give the proper citation?