WASHINGTON : A court ruling siding with Grayscale Investments is a big boost for the cryptocurrency industry's decade-long effort to launch an exchange-traded fund that tracks bitcoin, even if it does not immediately open the floodgates for such products.A three-judge panel of the District of Columbia Cou
WASHINGTON : A court ruling siding with Grayscale Investments is a big boost for the cryptocurrency industry's decade-long effort to launch an exchange-traded fund that tracks bitcoin, even if it does not immediately open the floodgates for such products.
Still, it endorses the rights of the cryptocurrency industry - which is reeling from a massive SEC crackdown - to due process, and offers more clarity on how it can meet the SEC's investor protection bar, said executives and lawyers. The SEC declined to comment on Wednesday."It’s a huge victory for us, for our investors, for, really, the crypto community and the investment community as a whole," Grayscale CEO Michael Sonnenshein told CNBC on Wednesday. Bitcoin jumped around 7 per cent on Tuesday, although it pared some gains Wednesday. It was last at $27, 206.
The appeals court ruled that the SEC arbitrarily denied Grayscale's application because it"never explained why Grayscale owning bitcoins rather than bitcoin futures affects the CME's ability to detect fraud." The CME did not immediately comment on the decision. Other firms have spot bitcoin ETF applications with the SEC, including asset management giant BlackRock, Fidelity and WisdomTree. They have proposed a surveillance arrangement with Coinbase Global, the largest U.S. crypto exchange."I wouldn't be surprised to see a lot of the applicants trying to switch their surveillance agreements to CME," said Seth Hertlein, global head of policy at crypto wallet Ledger.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US court says SEC wrong to deny Grayscale's spot bitcoin ETF proposalThe U.S. Securities and Exchange Commission should have approved an application from Grayscale Investments to create a spot bitcoin exchange-traded fund, a federal appeals court ruled on Tuesday, in a landmark victory for the asset manager that could pave the way for the first product of its kind. A panel
Read more »
Bitcoin hits two-week peak after Grayscale spot bitcoin ETF rulingNEW YORK/LONDON : Bitcoin rose to two-week highs on Tuesday after a U.S. court ruled that the Securities and Exchange Commission (SEC) should not have rejected digital asset manager Grayscale's application for a spot bitcoin exchange traded fund. It was last up nearly 7 per cent at $27,910The SEC's
Read more »
Bitcoin saved from torrid August by landmark Grayscale rulingLONDON : Bitcoin's gains from a U.S. court ruling that bolsters future prospects for retail investor-friendly funds have rescued the original cryptocurrency from a torrid month, offering new optimism over its longer-term outlook.The Securities and Exchange Commission's denial of Grayscale Investments' pro
Read more »
Analysis:Chinese investors rush to offshore funds to offset domestic risksHONG KONG/SHANGHAI : Disillusioned with a weak stock market at home, geopolitical risks and a falling currency, Chinese investors are pouring money into investment products with exposure to overseas assets that will also help diversify their portfolios.Retail money has gushed into exchange traded funds (E
Read more »
Analysis:Funds punished for owning too few Nvidia shares after stunning 230% rallyNEW YORK : Nvidia Corp’s soaring rally has thrilled investors this year - except for the sizeable number of fund managers who avoided what they believe to be an expensive stock.Shares of the semiconductor company - whose chips power generative AI apps such as ChatGPT - have more than tripled this year i
Read more »
Analysis: Designating Johor's Forest City as special financial zone could boost firms in Singapore and Malaysia, but hurdles lie aheadISKANDAR PUTERI, Johor: Prime Minister Anwar Ibrahim’s plan to designate Johor’s beleaguered Forest City development as a special financial zone could be a boost for Singapore-Malaysia business cooperation - if it can overcome multiple obstacles and take off as envisaged, say industry leaders. They say
Read more »