Bitcoin Rallies Above $27,000 After Court Hands Grayscale Win In Lawsuit Against SEC ⋆ ZyCrypto
Bitcoin Bitcoin Rallies Above $27,000 After Court Hands Grayscale Win In Lawsuit Against SEC ⋆ ZyCrypto बिटकॉइन एथेरियम समाचार The price of Bitcoin surged on Tuesday after a federal appeals court ruled in favor of Digital asset manager Grayscale in their long-running legal battle against the United States Securities and Exchange Commission (SEC) over the launch of a spot Bitcoin ETF. Grayscale Prevails Over SEC Grayscale has secured a major win against the US SEC in its efforts to convert its flagship Bitcoin Trust (GBTC) into a spot Bitcoin ETF. In the landmark ruling, U.S. Court of Appeals Circuit Judge Neomi Rao ordered Grayscale‘s petition for review be granted and the SEC’s order to deny the GBTC application to be vacated. The SEC failed to explain why it treated these investment vehicles differently, making the Grayscale rejection “arbitrary and capricious,” she added. In late June 2022, the SEC denied Grayscale‘s application to convert GBTC into a spot ETF. Grayscale’s senior legal strategist, General Donald B. Verrilli Jr., filed a petition for review with the United States Court of Appeals for the District of Columbia Circuit the very next day. At the time, Grayscale CEO Michael Sonnenshein expressed that the company was “deeply disappointed” and “vehemently disagreed” with the