A Look at the Court’s Mandate and Its Implications
The post A Look at the Court’s Mandate and Its Implications appeared on BitcoinEthereumNews.com. Grayscale’s Notable Win Against the SEC In a groundbreaking decision, the federal appeals court ruled in favor of Grayscale Investments LLC regarding the launch of a Bitcoin exchange-traded fund (ETF), defying objections from the US Securities and Exchange Commission (SEC). The ruling is expected to have significant implications for the future of cryptocurrency and its acceptance in mainstream finance. The Court’s Stance: SEC’s Reasoning Flawed The pivotal August ruling highlighted Judge Neomi Rao’s critique of the SEC’s “arbitrary and capricious” rejection of Grayscale’s ETF proposal. Judge Rao emphasized the regulator’s inability to elucidate its approval of analogous products, contrasting its previous stance against a Bitcoin-based ETF, which it deemed vulnerable to fraud. Potential Milestone for Digital Assets With the acceptance of such ETFs, digital-asset proponents foresee a transformative moment on the horizon. They argue that expanded access will combat skepticism surrounding the digital-asset sector, traditionally seen as a speculative, lightly-regulated space. Bitcoin’s Rally Amidst ETF Expectations Buoyed by this positive development, Bitcoin surged past the $31,900 mark for the first time since July. Such milestones underline the market’s keen eye on asset managers’ endeavors to clinch ETF approvals. The SEC’s Stance and Future Appeals Recent times saw the SEC opting out of petitioning the appeals court to reevaluate its Grayscale verdict. As per insiders, further appeals aren’t on the cards for the regulator. This aligns with the broader sentiment of crypto enthusiasts who lauded the appellate panel’s decision, interpreting it as an opportunity for the industry to attract billions from everyday investors. Grayscale’s Vision for Its ETF In anticipation of the ETF conversion, the discount on Grayscale Bitcoin Trust has seen significant narrowing. Grayscale emphasizes that an ETF transformation would facilitate the effortless creation and redemption of shares, addressing the limitations of the current closed-end structure. The SEC and Grayscale’s…
The post A Look at the Court’s Mandate and Its Implications appeared on BitcoinEthereumNews.com.
Grayscale’s Notable Win Against the SEC In a groundbreaking decision, the federal appeals court ruled in favor of Grayscale Investments LLC regarding the launch of a Bitcoin exchange-traded fund (ETF), defying objections from the US Securities and Exchange Commission (SEC). The ruling is expected to have significant implications for the future of cryptocurrency and its acceptance in mainstream finance. The Court’s Stance: SEC’s Reasoning Flawed The pivotal August ruling highlighted Judge Neomi Rao’s critique of the SEC’s “arbitrary and capricious” rejection of Grayscale’s ETF proposal. Judge Rao emphasized the regulator’s inability to elucidate its approval of analogous products, contrasting its previous stance against a Bitcoin-based ETF, which it deemed vulnerable to fraud. Potential Milestone for Digital Assets With the acceptance of such ETFs, digital-asset proponents foresee a transformative moment on the horizon. They argue that expanded access will combat skepticism surrounding the digital-asset sector, traditionally seen as a speculative, lightly-regulated space. Bitcoin’s Rally Amidst ETF Expectations Buoyed by this positive development, Bitcoin surged past the $31,900 mark for the first time since July. Such milestones underline the market’s keen eye on asset managers’ endeavors to clinch ETF approvals. The SEC’s Stance and Future Appeals Recent times saw the SEC opting out of petitioning the appeals court to reevaluate its Grayscale verdict. As per insiders, further appeals aren’t on the cards for the regulator. This aligns with the broader sentiment of crypto enthusiasts who lauded the appellate panel’s decision, interpreting it as an opportunity for the industry to attract billions from everyday investors. Grayscale’s Vision for Its ETF In anticipation of the ETF conversion, the discount on Grayscale Bitcoin Trust has seen significant narrowing. Grayscale emphasizes that an ETF transformation would facilitate the effortless creation and redemption of shares, addressing the limitations of the current closed-end structure. The SEC and Grayscale’s…
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