{"id":54926,"date":"2023-08-30T13:31:27","date_gmt":"2023-08-30T17:31:27","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/are-bitcoin-etfs-coming-heres-what-grayscales-court-win-means-for-the-crypto-industry\/"},"modified":"2023-08-30T13:31:29","modified_gmt":"2023-08-30T17:31:29","slug":"are-bitcoin-etfs-coming-heres-what-grayscales-court-win-means-for-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54926","title":{"rendered":"Are bitcoin ETFs coming? Here\u2019s what Grayscale\u2019s court win means for the crypto industry\u00a0"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002453008\" role=\"document\">\n<p>A U.S. federal court on Tuesday ordered the Securities and Exchange Commission to vacate its rejection of Grayscale Investments\u2019 application to convert its Bitcoin Trust product into an exchange-traded fund and the crypto industry is celebrating.\u00a0<\/p>\n<p>The ruling pushed the crypto industry \u201cone big step closer\u201d to gaining approval for a spot bitcoin ETF, according to Matt Hougan, chief executive officer at Bitwise Asset Management.<\/p>\n<div class=\"paywall\">\n<p>Bitcoin<br \/>\n        BTCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/108573962\/realtime\" class=\"negative\">-1.36%<\/bg-quote><br \/>\n       rallied more than 7% over the past 24 hours to as high as $28,127 on Tuesday, according to CoinDesk data. The crypto is up over 57% so far this year, but is still down almost 60% from its all-time high in 2021.<\/p>\n<p>D.C. Circuit Court of Appeals Judge Neomi Rao wrote in an opinion that the SEC\u2019s decision to approve two bitcoin futures funds, but to deny applications for a bitcoin spot ETF, was \u201carbitrary and capricious\u201d and in violation of federal administrative law.<\/p>\n<p><strong>Read:<\/strong> First bitcoin ETF must be reconsidered by SEC, court rules<\/p>\n<p>\u201cAssuming the SEC does not appeal, it is likely to result in quick approval of not only Grayscale\u2019s spot bitcoin ETF application, but many of the other nine applications pending before the SEC as well,\u201d according to Ric Edelman, Founder of the Digital Assets Council of Financial Professionals.<\/p>\n<p>A number of asset managers, such as BlackRock, Fidelity, WisdomTree, VanEck, Invesco, Ark Invest and 21 Shares have filed applications for spot bitcoin ETFs, pending the SEC\u2019s approval. Several of them face deadlines before the Labor Day U.S. holiday weekend. <\/p>\n<p>The SEC is \u201creviewing the court\u2019s decision to determine next steps,\u201d according to an agency spokesperson.<\/p>\n<p>The court order doesn\u2019t require the SEC to immediately approve Grayscale\u2019s application, but to review the application again. It is possible the SEC could find another rationale for rejecting it.<\/p>\n<p>Tim Bevan, chief executive at ETC Group, said he expects the SEC to fight against the ruling.\u00a0\u00a0<\/p>\n<p>In July, crypto bulls were excited that a federal judge ruled XRP, a token associated with Ripple Labs, isn\u2019t a security when sold to the public in on digital-asset exchanges. The SEC later sought to appeal the ruling.\u00a0<\/p>\n<p>Still, \u201cwe don\u2019t believe the SEC will act as kingmaker and the most likely outcome is a block approval of applications that meet requirements, probably in Q1\u201924,\u201d Bevan wrote in emailed comments. .\u00a0<\/p>\n<p>If a spot bitcoin ETF does get approved, \u201cit is reasonable to expect significant inflows \u2013 and with a fixed supply, that would lead to material increases in bitcoin\u2019s price,\u201d noted Edelman.\u00a0<\/p>\n<p>\u201cWe think a spot bitcoin ETF will make it easier for financial advisors to safely access crypto,\u201d according to Bitwise\u2019s Hougan. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/are-bitcoin-etfs-coming-heres-what-grayscales-court-win-means-for-the-crypto-industry-2f428742?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A U.S. federal court on Tuesday ordered the Securities and Exchange Commission to vacate its rejection of Grayscale Investments\u2019 application to convert its Bitcoin Trust product into an exchange-traded fund and the crypto industry is celebrating.\u00a0 The ruling pushed the crypto industry \u201cone big step closer\u201d to gaining approval for a spot bitcoin ETF, according [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":34464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-54926","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Are bitcoin ETFs coming? 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