What Grayscale's Court Victory Means for Crypto and a US Spot-Bitcoin ETF
Tuesday’s ruling isn’t the final word on approval of a spot Bitcoin ETF, but it still helped to boost spirits in a beaten-down sector.
In a year when it has seemed as if US officials were hell-bent on putting much of the cryptocurrency market out of commission, the beaten-down digital-asset industry has finally scored a big legal win.
A US appeals court’s ruling to overturn the Securities and Exchange Commission’s decision to block the first exchange-traded fund tied to the spot price of Bitcoin sent the original cryptocurrency soaring more than 7%, its biggest daily gain in months. Perhaps just as important, it boosted spirits in a sector that’s been contending with a near-constant blast of high-profile regulatory enforcement actions, bankruptcies and lawsuits.