Regulation
Crypto Scores Landmark US Legal Win With Grayscale ETF Ruling
- Ruling by appeals court overturns decision by SEC to block ETF
- Bitcoin surges after release of court opinion on Tuesday
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Grayscale Investments LLC won a key legal fight in its push to launch a Bitcoin exchange-traded fund, bringing the crypto industry to the precipice of tapping billions of dollars from everyday investors.
The firm’s court victory over the US Securities and Exchange Commission in a three-judge appeals panel in Washington represents a watershed moment for the largest cryptocurrency. Advocates say an ETF based on spot Bitcoin prices would result in a gush of retail cash.