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 Cour
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 US$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.
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