Malta:
Breaking: A Big Day For Bitcoin ... Another Defeat For The SEC
31 August 2023
WH Partners
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A crypto-asset manager, Grayscale Bitcoin Trust (GBTC)
has scored a major victory against the U.S Securities and Exchange
Commission to convert its over the counter trust into the first
Bitcoin ETF in the US. The D.C Circuit ruled in favour of
Grayscale, challenging the SEC's decision to deny the
conversion of the fund to an ETF.
This victory should not be understated, for the crypto industry
it's been a long time coming and it's a sharp rebuke of the
SEC's stance that ETFs are not ripe for approval on the
arguments and allegations of market manipulation and lack of
maturity in the asset class. It paves the way for other asset
manager to launch ETFs with several currently pending and now
expecting approval.
It's the second defeat for the SEC in as many months on the
back of the SEC vs Ripple Labs Inc: One for the history books
- WH Partners.
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