2023-08-29 14:47:02
Grayscale has won a lawsuit against the SEC, with a judge overturning the SEC’s refusal to convert $GBTC into an ETF, according to latest court filings. Inspired by this, Bitcoin broke through $27,000 within half an hour…
(Previous summary: The US SEC is asking the public for opinions on the “Bitcoin Spot ETF Ark 21Shares”! Female stocks are expected to be delayed)
(Background supplement: Goddess of stock: SEC will “approve multiple” bitcoin spot ETFs, the critical time is after Grayscale wins the lawsuit)
According to the latest court documentsshow, Grayscale has won a lawsuit against the SEC. A three-judge appeals panel in Washington has overturned the SEC’s decision to refuse to convert $GBTC into an ETF. The court said:
Rejecting Grayscale’s proposal was arbitrary and capricious because the SEC failed to explain the different treatment of similar products.
Regarding the judge’s judgment, Grayscale CEO also issued a statement earlier:
Thank you to everyone who has been on this journey with us, especially our investors. We appreciate your support and encouragement.
Next up: Our legal team is actively reviewing the court’s opinion.
???? JUST IN ????
The D.C. Circuit ruled in favor of @Grayscale in our lawsuit challenging the SEC’s decision to deny $GBTC‘s conversion to an ETF!
Thank you to everyone who has been on this journey with us, especially our investors. We are grateful for your support and…
— Sunshine (@Sunshine) August 29, 2023
However, according to Bloomberg ETF analyst James Seyffart on social mediaexpressAlthough Grayscale won the lawsuit, it does not mean that GBTC can be freely converted into ETF in the future, but it does make the conversion a big step forward.
Bitcoin hits $27,500
Inspired by this news, Bitcoin broke through $27,000 within half an hour, reaching a peak of $27,638, an increase of more than 5.6% in the past 24 hours. Ethereum also broke through $1730 in one fell swoop.
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