As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Grayscale wins court ruling to pave way for Bitcoin ETFs

Grayscale wins court ruling to pave way for Bitcoin ETFs

Publish Date: 30/08/2023
Stock Photo, tags: grayscale court bitcoin - pbs.twimg.com

Stock Photo – pbs.twimg.com

Bitcoin prices surged after the U.S. District of Columbia Court of Appeals’ decision made it possible for the creation of the first U.S. bitcoin exchange-traded fund (ETF).

For years, the crypto industry had sought Securities and Exchange Commission (SEC) approval for spot Bitcoin ETFs. The SEC had also rejected crypto asset manager Grayscale Investments’ application for a Bitcoin ETF called GBTC over investor safety risks.

Per Tuesday’s filing, the court ruled 3-0 in favor of Grayscale, meaning that the SEC’s rejection of Grayscale’s Bitcoin ETF application was vacated. The three-judge panel determined that the SEC did not present a satisfactory explanation for denying the firm’s application.

“The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products,” the filing reads. “We therefore grant Grayscale’s petition and vacate the order.”

Grayscale CEO Michael Sonnenshein said in a statement, “This is a historic milestone for American investors, the bitcoin ecosystem, and all those who have been advocating for bitcoin exposure through the added protections of the ETF wrapper.”

Grayscale argued that GTBC would allow investors to gain exposure to Bitcoin, the world’s largest cryptocurrency, without having to own it. According to Grayscale, a bitcoin ETF is likely to be less risky for investors since the speed of the bitcoin technology is slower than stock-trading technologies.

In a statement emailed to financial services company Seeking Alpha, AltTab Capital CEO Greg Moritz commented on the milestone, saying, “It’s excellent that the judge in the Grayscale vs. SEC case was able to see the obvious correlation between Bitcoin futures and spot price.”

Aftermath of the court ruling

According to data from Santimant, the price of Bitcoin surged by six percent following Grayscale’s victory, pushing its market rate from $27,400 to $28,000. A similar increase also happened to the second-largest cryptocurrency, Ethereum, which climbed from $1,640 to $1,740.

Shares of Coinbase, the largest U.S.-based crypto exchange and custodian partner in spot bitcoin ETF applications, rose over 14 percent. Shares of miner Marathon Digital (MARA) bolted at about 29 percent, while Hut 8 Mining (HUT) and Riot Plaforms Inc. (RIOT) each gained 17 percent.

Grayscale itself saw a 17.4 percent spike in stock value. Receiving worldwide attention after its victory, Grayscale is currently enjoying its busiest trading session after 14 months.

After the crypto market crash of June 2022, the crypto asset manager discounted its shares, going as high as 45 percent off. Some investors, however, have been purchasing its shares over the last three to six months. Gambling themselves on Grayscale’s court decision, they are currently enjoying the benefits of the presently collapsed discount.

Despite the ruling, the legal battle is yet to conclude. Both parties still have a 45-day window to appeal the verdict. If this happens, the case will move to the U.S. Supreme Court or undergo an en banc panel review. Should the SEC opt not to appeal, the court would provide instructions for the implementation of its decision.

Meanwhile, nine other firms are awaiting the SEC’s approval for their ETF applications. These include BlackRock, VanEck, Invesco, Fidelity, WisdomTree and Bitwise, all of which have filed for spot bitcoin ETFs on Nasdaq or CBOE Global Markets.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 27.5 Free Sweepstakes Coins + 57.500 Gold Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 27.5 Free Sweepstakes Coins + 57.500 Gold Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site