An appeals court rules the SEC acted arbitrarily when it denied Grayscale's attempt to convert its Bitcoin trust into an ETF.
Bitcoin and other cryptocurrencies soared on Tuesday after crypto asset manager Grayscale Investments won a key court decision that likely clinches approval of a spot Bitcoin exchange-traded fund—a long-awaited catalyst for digital assets.
The court said the SEC acted arbitrarily by denying Grayscale’s attempts to convert its Grayscale Investment Trust—which holds Bitcoin—into an exchange-traded fund . The regulator can appeal to the Supreme Court or deny Grayscale on other grounds than it did initially, but it makes a spot Bitcoin ETF look inevitable at this point.
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