The decision paves the way for the introduction of a grayscale Bitcoin ETF. The price of BTC rises by 5% and is now trading at $27,404. Grayscale won a historic decision by the US SEC in a case to convert Grayscale’s Bitcoin Trust into a spot Bitcoin ETF. The nuanced legal victory could be a decisive step in getting the first Bitcoin ETF approved in the United States, especially given the financial giant’s multiple ETFs on the ground. A historical judgment
The decision paves the way for the introduction of a grayscale Bitcoin ETF. The decision certainly created a clear path for approval of spot ETFs on a precise schedule, but it does not always indicate that approval is imminent or guaranteed. The future also depends on whether the US SEC decides to challenge the court’s decision or not.
The court noted in its decision:
“It is ordered and ordered that Grayscale’s motion for reconsideration is granted and the order of the Commission is vacated in the opinion of the court.”
At the same time, the price of Bitcoin rose as a result of the verdict in the case. The price of BTC rises by 5% and is now trading at $27,404. Additionally, the overall crypto market is reacting positively, with almost all major crypto products trading in the green. The main point of Grayscale’s defense was that the US SEC had no justification for rejecting the spot ETF after approving the related futures ETF.