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Grayscale’s court victory over the U.S. Securities and Exchange Commision yesterday gave cryptocurrencies a nice bump, but it will not lift the malaise that lies over cryptoland.
The case is being closely watched by the cryptocurrency and asset management industries, which have been trying for years to convince the SEC to approve a spot bitcoin ETF. They say it would allow investors to gain exposure to bitcoin, the world's largest cryptocurrency, without having to own it. The SEC, though, worries spot bitcoin ETFs will be vulnerable to manipulation.
A panel of judges in the District of Columbia Court of Appeals in Washington said the securities regulator's denial of Grayscale's proposal was arbitrary and capricious because the SEC failed to explain its different treatment between bitcoin futures ETFs and spot bitcoin ETFs.
International Business News: Grayscale Investments LLC moved closer to launching a spot-based Bitcoin exchange-traded fund in the US, a potential watershed moment in the cryptocur