Slashdot: First Bitcoin ETF Could Be Coming Soon as Court Rules in Favor of Grayscale Over SEC

First Bitcoin ETF Could Be Coming Soon as Court Rules in Favor of Grayscale Over SEC
Published on August 30, 2023 at 12:50AM
The U.S. Court of Appeals for the D.C. Circuit has paved the way for bitcoin exchange-traded funds. From a report: On Tuesday, 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 decision could impact other companies that want to create bitcoin ETFs, like BlackRock and Fidelity. A spot bitcoin ETF would be traded through a traditional stock exchange, although the bitcoin would be held by a brokerage, and would allow investors to gain exposure to the world's biggest cryptocurrency without having to own the coin themselves. Many crypto bulls believe that approval of a spot bitcoin ETF will lead to more mainstream institutional adoption. Bitcoin, ether and other major cap crypto coins surged on the news, and Coinbase, which is listed as the custodian partner in multiple spot bitcoin ETF applications, was up more than 14% on Tuesday. "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." Grayscale Investments, which manages the world's biggest crypto fund, initiated its lawsuit against the SEC in June 2022 after the agency rejected its application to turn its flagship bitcoin fund, better known by its ticker GBTC, into an ETF. The company decided to pursue the ETF, which would be backed by bitcoin rather than bitcoin derivatives, after the SEC approved ProShares' futures-based bitcoin ETF in October 2021.

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