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Court sides with Grayscale over the SEC in crypto ETF case

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Court sides with Grayscale over the SEC in crypto ETF case



After the Securities and Exchange Commission was found to have erred in denying cryptocurrency investment firm Grayscale permission to transform its well-known bitcoin trust into an ETF, the price of bitcoin increased on Tuesday.

Following the decision, Bitcoin increased by around 5.9% to $27,523.61, according to Coin Metrics. The action increased the value of cryptocurrencies in general and of cryptocurrency stocks.

Investors and other industry participants have been keenly following Grayscale's action against the SEC as a potential catalyst to jolt a market plagued by low volatility and liquidity. Early this month, the volatility of bitcoin trading reached its lowest point in more than four years as investors waited impatiently for further legal certainty on cryptocurrency activity, whether in the form of new legislation from Congress or the possibility to introduce a spot bitcoin ETF. Already, a number of bitcoin futures ETFs have received approval.

According to the court's decision, "The Commission failed to adequately explain why it approved the listing of two bitcoin futures ETPs but not Grayscale's proposed bitcoin ETP." "This different regulatory treatment of similar items in the absence of a convincing justification is illegal. Therefore, we reject the Commission's order and allow Grayscale's petition for review."

In June 2022, Grayscale filed a lawsuit against the SEC after the regulator denied its request to convert its bitcoin trust, commonly known by its ticker GBTC, into an ETF. Following the SEC's approval of ProShares' futures-based bitcoin ETF in October 2021, the business made the decision to pursue the ETF, which would be backed by actual bitcoin as opposed to bitcoin derivatives.

After numerous delays, the SEC finally denied the application last summer, citing Grayscale's inability to respond to inquiries regarding worries about market manipulation and investor safeguards.

The Grayscale Bitcoin Trust increased by 17%.

Article Credit: CNBC

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