Bitcoin surged Tuesday after the District of Columbia Court of Appeals ruled in favor of cryptocurrency investment fund Grayscale and accused the US Securities and Exchange Commission (SEC) of wrongly filing its request to convert the Grayscale Bitcoin Trust (GBTC). to have granted. ) into a spot bitcoin ETF (an exchange-traded fund that only holds bitcoin).
Bitcoin price surged 7.15% to $27,851.82 after the court decision was announced, according to Coin Metrics. After Bitcoin, the prices of other cryptocurrencies rose, as did shares of cryptocurrency companies.
“The Commission was unable to adequately explain why it approved the listing of two bitcoin futures ETPs but not Grayscale’s proposed bitcoin ETP.” specified in the court order. — In the absence of a clear explanation, such a deviation from the regulatory system for similar products is illegal. Therefore, we approve Grayscale’s review request and reverse the Commission’s decision.”
In connection with this court decision, the regulator is required to reconsider Grayscale’s application to create a Bitcoin ETP. As stated in the resource CNBCThe court’s decision increases the chances of the commission approving similar requests from BlackRock, Fidelity, WisdomTree, VanEck, Invesco and other cryptocurrency companies.