A crypto-asset manager, Grayscale Bitcoin Trust (GBTC) has scored a major victory against the U.S Securities and Exchange Commission to convert its over the counter trust into the first Bitcoin ETF in the US. The D.C Circuit ruled in favour of Grayscale, challenging the SEC's decision to deny the conversion of the fund to an ETF.
This victory should not be understated, for the crypto industry it's been a long time coming and it's a sharp rebuke of the SEC's stance that ETFs are not ripe for approval on the arguments and allegations of market manipulation and lack of maturity in the asset class. It paves the way for other asset manager to launch ETFs with several currently pending and now expecting approval.
It's the second defeat for the SEC in as many months on the back of the SEC vs Ripple Labs Inc: One for the history books - WH Partners.
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