Grayscale Wins Appeal Against SEC Overturing Its Decision on Bitcoin ETF
The District of Columbia Court of Appeals might have paved the way for bitcoin exchange-traded funds by siding with Grayscale in a lawsuit against the Securities and Exchange Commission which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF.
![Grayscale Wins Appeal Against SEC Overturing Its Decision on Bitcoin ETF](/content/images/size/w1200/2023/08/GBTC_campaign-page_img.png)
- "On Tuesday, the court sided with Grayscale in a lawsuit against the Securities and Exchange Commission which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF," CNBC reported.
- "The decision could impact other companies that want to create bitcoin ETFs, like BlackRock and Fidelity."
- "Grayscale initiated its lawsuit against the SEC in June 2022 after the agency rejected its application to turn its bitcoin trust, better known by its ticker GBTC, into an ETF."
- "The ruling faced multiple delays but the SEC ultimately rejected the application last summer, citing failure by Grayscale to answer questions related to concerns about market manipulation and investor protections."
![](https://www.nobsbitcoin.com/content/images/2023/08/image-72.png)
Here is the sentence in the judge's Grayscale ruling that rejects the heart of SEC's argument for why it rejected numerous spot Bitcoin ETF's over the years. pic.twitter.com/kPYzij91kp
— Sam Callahan (@samcallah) August 29, 2023