Grayscale Victory Boost Confidence on BTC Spot ETF | Crypto Daily Digest Aug. 30
Grayscale won a monumental legal victory against the SEC. Judge Neomi Rao of the DC Circuit Court of Appeals revoked the SEC's order to deny Grayscale's application for a spot Bitcoin ETF, ruling that the SEC must review the application.
The market's confidence in Bitcoin spot ETF approval has been bolstered.
Find our detailed analysis of Bitcoin Spot ETF - When will be the Approval Date
Approval of a spot BTC ETF has been seen as a bullish catalyst for the crypto industry, as it would allow investors to circuvment the challenge of crypto custody and allow retail and institutional investors to get exposure to the asset in a easy and compliant way.
While the SEC can no longer deny ETF on the grounds of fraud and manipulation concerns due to the latest court ruling, it is possible for the SEC to pick a new reason to deny Grayscale's proposal again. However, the top legal expert, Chief Policy Officer of Blockchain Association, Jake Chervinsky, has a more positive stance. He tweeted:
One theory is that the SEC will just pick a different reason to deny Grayscale's proposal and force more long and costly litigation.
But another theory is that the SEC will take the DC Circuit's decision as a graceful exit from their anti-ETF position.
"We disagree, but we're following the rule of law" is a convenient excuse to back out of a losing battle.
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