- The ruling paves the path for the Grayscale spot Bitcoin ETF to be approved.
- The BTC price has jumped 5% and is now trading at $27,404 mark.
Grayscale prevailed against the U.S SEC in a historic ruling over the conversion of the Grayscale Bitcoin Trust to a spot Bitcoin ETF in a lawsuit. The Grayscale legal win might be a crucial step toward getting the first ever spot Bitcoin ETF authorized in the United States, especially in light of multiple spot ETF flings by financial giants.
Historic Judgment
The ruling paves the path for the Grayscale spot Bitcoin ETF to be approved. The verdict has certainly built a clear road to the approval of spot ETFs in a precise schedule, but this does not always suggest that approval is close or guaranteed. Also, what happens next depends on whether or not the US SEC decides to challenge the Court’s ruling.
In its ruling, the court said:
“It is ordered and adjudged that Grayscale’s petition for review be granted and the Commission’s order be vacated, in accordance with the opinion of the court filed.”
Meanwhile, as a result of the ruling in the case, the price of Bitcoin surged. The BTC price has jumped 5% and is now trading at $27,404 mark. Moreover, the overall crypto market responded positively with almost all major cryptos trading in green. The main point of Grayscale’s defense was that the US SEC lacked justification for rejecting the spot ETF after approving the related futures ETF.
