(Tiper Stock Exchange) – Grayscale Investmentsthe world’s largest asset manager of digital currency assets, announced that the DC Circuit Court of Appeals has ruled in favor of Grayscale in its lawsuit challenging the Securities and Exchange Commission’s (SEC) decision to deny the converting Grayscale Bitcoin Trust (BTC) into an ETF.
There Court ruled in favor of Grayscalestating that the firm “presented substantial evidence that Grayscale is similar, across the relevant regulatory factors, to bitcoin futures ETPs. The Commission failed to adequately explain why it approved the listing of two ETPs on bitcoin futures but not Grayscale’s proposed bitcoin ETP.In the absence of a coherent explanation, this different regulatory treatment of similar products is illegal. We therefore grant Grayscale’s petition for review and rescind the Commission’s order.”
“It’s about a historical milestone for American investors, for the Bitcoin ecosystem, and for all those who have sustained exposure to Bitcoin through the additional protections of the ETF wrapper – he said Michael Sonnenshein, CEO of Grayscale.
“Grayscale has adhered to US financial rules and regulations in building our product suite since our founding in 2013, underpinned by a core belief: Investors deserve transparent, regulated access to cryptocurrencies,” he added. that we are one step closer to building a spot Bitcoin ETF in the US“.
Grayscale Bitcoin Trust (BTC) shares skyrocketed after the announcement of the legal tender, up 18%. Also excellent reaction of major cryptocurrencieswith Bitcoin up 6% and Ehereum up 4%.