First bitcoin ETF could be coming soon as court rules in favor of Grayscale over SEC
Publishing timestamp: 2023-08-29 21:16:40
Summary
The U.S. Court of Appeals for D.C. Circuit has ruled in favor of Grayscale in a lawsuit against the Securities and Exchange Commission (SEC), allowing for the possibility of bitcoin exchange-traded funds (ETFs). The decision could impact other companies, such as BlackRock and Fidelity, that want to create bitcoin ETFs. The approval of a spot bitcoin ETF is seen as a step towards mainstream institutional adoption of cryptocurrencies. Bitcoin and other major cryptocurrencies surged on the news, and Coinbase, listed as a custodian partner in multiple spot bitcoin ETF applications, saw a significant increase in its stock price. The SEC's enforcement action against Grayscale is considered unlikely to succeed, and it is expected that other companies will also be approved for bitcoin ETFs.
Sentiment: POSITIVE
Tickers: BTC.CB=, BLK, GBTC, COIN, ETH.CM=,
Keywords: coinbase global inc, fintech, business news, energy, bitcoin, ethereum/usd coin metrics, bitcoin/usd coinbase, breaking news: technology, exchange-traded funds, cryptocurrency, blackrock inc, technology,