Grayscale Investments has won a significant legal battle against the U.S. Securities and Exchange Commission (SEC) regarding its attempt to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
A federal appeals court ruled in favor of Grayscale, stating that the SEC’s rejection of the application was arbitrary and inconsistent with its approval of futures-based Bitcoin ETFs.
The court’s decision is seen as a major victory for the crypto industry, as it could pave the way for the first spot Bitcoin ETF in the U.S., offering investors direct exposure to Bitcoin through a regulated investment vehicle.
The ruling has boosted optimism among crypto enthusiasts and could lead to a surge in demand for Bitcoin and other digital assets.
