ETF lawsuit between Grayscale and SEC ruled in favor of crypto. The US court ruled that the SEC’s dismissal of the applications was wrong. The court decision that emerged in the past minutes triggered the rally across the market.
Grayscale-SEC lawsuit ending in favor of crypto sparks rally
The Grayscale Bitcoin Trust (GBTC) has achieved a major victory over the SEC in its efforts to convert the OTC GBTC product into an ETF. On August 29, Circuit Judge Neomi Rao of the US Court of Appeals ruled in favor of crypto. Rao ordered that Grayscale’s review petition be accepted and that the SEC’s decision to reject the GBTC listing application be reversed.
The judge previously said the SEC “did not offer any explanation” as to why Grayscale was at fault. However, the decision does not necessarily mean that the Grayscale spot Bitcoin ETF will be listed.
Crypto market rally
After Grayscale’s victory, the crypto market has gained over 5%. As Kriptokoin.com, we will be updating the details of the development on this page.
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