The US Federal Court of Appeals has ordered the SEC’s refusal to rescind Grayscale’s request to convert its Bitcoin fund into an exchange-traded fund (ETF).
According to the court ruling, Grayscale is one step closer to issuing the US’s first spot Bitcoin ETF. According to the court order, the US Securities and Exchange Commission (SEC) will consider Grayscale Investments’ request to convert its Grayscale Bitcoin Trust (GBTC) product into an ETF. Grayscale Investments, the manager of the world’s largest cryptocurrency fund, first applied to convert the GBTC product into an ETF in October 2021. After the SEC rejected this application, the fund manager took the matter to court.
After the decision was announced, Bitcoin, which started to rise rapidly, increased by 6% in the one-hour time frame and rose to $ 27,700, and the upward trend in crypto money was continuing as of now. After this positive development, a positive outlook dominated the crypto money market in general. Ethereum has returned to the $1,700 band with a bullish momentum parallel to Bitcoin. Among the top 20 cryptocurrencies, BNB, MATIC, BCH, and AVAX were among the top emerging cryptocurrencies. As of now, the total cryptocurrency value has risen to $1.09 trillion, while the average transaction volume is around $30 billion.