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Bitcoin’s value surged by over 10% today following a federal appeals court’s decision to compel the U.S. Securities and Exchange Commission (SEC) to reevaluate its previous rejection of Grayscale’s bid to transform its bitcoin trust into a spot exchange-traded fund (ETF).
The world’s preeminent digital currency flirted with the $35,000 threshold, experiencing a remarkable ascent of more than 12% within mere hours, based on BTC/USDT Coinbase data sourced from TradingView.
This substantial upswing can be attributed to the news that a U.S. federal appeals court upheld an August court ruling, mandating the SEC to reconsider its disapproval of Grayscale Investments’ application. This application aimed to reposition its Grayscale Bitcoin Trust as a spot bitcoin ETF.
All eyes are now fixated on the SEC, as they must decide whether to grant approval for this conversion or uphold the denial. Tim Enneking, the Managing Director of Digital Capital Management, conveyed an optimistic outlook, asserting that while SEC’s approval is almost certain, the SEC may prolong the process of officially granting consent.
David Schwartz, Director of Projects and Strategic Partnerships for the Litecoin Foundation, also provided insights into the bitcoin ETF application. He suggested that if Grayscale follows a similar application framework to recent successful applicants like BlackRock, the chances of approval could be favorable. However, Schwartz also indicated that Grayscale’s product might not secure approval on the initial attempt due to its lack of prior scrutiny compared to recent applicants.
Enneking underscored the significant role played by the U.S. court system in regulating the crypto space, pointing out the challenges faced by federal lawmakers in adapting decades-old financial regulations to the cutting-edge, internet-based, and innovative world of crypto. With the legislative branch’s gridlock, the judiciary has assumed the role of a guiding force in the industry.
At last if BTC ETF approved then market crypto could be sky rocket.