ARTICLE
31 August 2023

Breaking: A Big Day For Bitcoin ... Another Defeat For The SEC

WP
WH Partners

Contributor

We are a law firm with a strong focus on assisting businesses fuelling the digital economy and not only in the territories we operate in. We have offices in Malta, Italy, Romania, and we operate Czech, Polish and UAE desks, as well as having a worldwide network of correspondent firms. We have a well-established practice advising clients on (in no particular order) fintech, gaming & gambling, corporate, M&A, tax, dispute resolution, corporate finance, intellectual property, data privacy and personal data processing, consumer protection & advertising, real estate, employment & immigration matters, sports, technology & media, competition & state aid. Our firm and several of our lawyers are highly ranked by Chambers & Partners, Legal 500, IFLR1000 and Who’s Who Legal.
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.
Malta Technology

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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More