Aaron Brown, Columnist

Grayscale’s Bitcoin Win Is Still Only Half the Battle

The asset manager’s court victory in its push to launch a spot ETF for the cryptocurrency has put the SEC on the defensive. But it’s still too early to call this fight.

August 30, 2023 at 10:30 AM UTC

By Aaron Brown

Aaron Brown is a former head of financial market research at AQR Capital Management. He is also an active crypto investor, and has venture capital investments and advisory ties with crypto firms. He is the author of the soon-to-be-released "Wrong Number."

Shifting battlefront.
Photographer: Eva Marie Uzcategui/Bloomberg via Getty Images

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

News that a Washington DC Court of Appeals ruled in favor of Grayscale Investments LLC over the Securities and Exchange Commission has ignited hope that a Bitcoin exchange-traded fund will soon be available. Bitcoin prices jumped.

Crypto fans are using terms like “watershed,” “turning point” and “Rubicon” for the Grayscale v SEC ruling. That’s not unjustified since it could lead to the SEC throwing in the towel and unlocking a virtuous spiral upward in crypto prices and legal acceptability. But it’s also very far from certain as the direct practical effect of this decision is infinitesimal.