Grayscale Wins US SEC Lawsuit On Spot Bitcoin ETF

Also Read: XRP And Cardano Records Buying Amid Largest Crypto Funds Outflow

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A spot ETF would essentially allow investors to gain exposure to Bitcoin indirectly, as against directly buying the cryptocurrency on a crypto exchange.

Grayscale Spot Bitcoin ETF: Towards Approval

With the judgment, the judge cleared the way for approval of the Grayscale spot Bitcoin ETF. The Court’s judgment stated:

“It is ordered and adjudged that Grayscale’s petition for review be granted and the Commission’s order be vacated, in accordance with the opinion of the court filed.”

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Grayscale spot bitcoin etf

Meanwhile, the Bitcoin BTC price rallied in reaction to the lawsuit judgment.

Grayscale’s Argument

The judgment came after arguments from both sides were heard on whether or not to approve of the company’s spot ETF application. Grayscale’s argument was centered around the US SEC’s lack of sufficient reason to reject the spot ETF when the futures ETF was already approved. It argued in court that the bitcoin futures ETF surveillance arrangements should also justify the case for the spot ETF, as both the ETFs are based on the Bitcoin price.

Also Read: Terra Luna Classic Requisite Market Swap Reopening For LUNC And USTC To $1

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