Skip to main content

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.

Read more of this story at Slashdot.

Labels:

Comments

Post a Comment

Popular posts from this blog

Slashdot: Spain-Backed Fund Joins FOSSA's Sovereign Satellite Communications Push

Spain-Backed Fund Joins FOSSA's Sovereign Satellite Communications Push Published on 2026-06-28T22:05:00Z Spanish startup FOSSA Systems "has raised about $10.5 million to expand its connectivity constellation," reports Space News, noting some funding is backed by Spain's government: The support from the Spanish Society for Technological Transformation (SETT) comes a year after the fund injected 14 million euros into Spain's Sateliot , which is also developing a satellite connectivity network with security and defense applications. Spanish private investment firm Kibo Ventures led FOSSA's funding round, the six-year-old venture announced June 24, bringing its total raised to date to nearly 20 million euros. The proceeds will help fuel FOSSA's push beyond the tiny picosatellites it once used to connect low-power monitoring devices toward larger cubesats in low Earth orbit, enabling additional sovereign communications and space-based intelligence capab...
Post a Comment
Read more

Slashdot: AT&T Outlines $250 Billion US Investment Plan To Boost Infrastructure In AI Age

AT&T Outlines $250 Billion US Investment Plan To Boost Infrastructure In AI Age Published on 2026-03-10T20:00:00Z AT&T plans to invest more than $250 billion over the next five years to expand U.S. telecom infrastructure for the AI age. The company says it will also hire thousands of technicians while partnering with AST SpaceMobile to extend coverage to remote areas. Reuters reports: Rapid adoption of artificial intelligence, cloud computing and connected devices has prompted telecom operators to invest heavily in fiber and 5G networks as they also seek to fend off intensifying competition from cable broadband providers. AT&T, which has about 110,000 employees in the U.S., said the new hires will help build and maintain its infrastructure. The outlay includes capital expenditure and other spending, the company said. The spending will focus on expanding its fiber and wireless networks, including accelerating deployment of fiber broadband, 5G home internet and satellite co...
Post a Comment
Read more