A US court rules that the SEC must review its rejection of Grayscale's bid to convert the Grayscale Bitcoin Trust into an ETF after approving two bitcoin ETPs

a federal appeals court one step removed from SCOTUS—with a remarkably unanimous decision from an ideologically diverse panel. The 3 judges ruled the SEC failed to adequately explain its disparate treatment of one BTC ETF... @billhughesdc : From @matt_levine's newsletter today covering Grayscale v. SEC. I think we all know it is really the latter, although not everyone needs to say that out loud. “One possible interpretation of this case is that the SEC's decision to block spot Bitcoin ETFs was unusually... Chamath Palihapitiya / @chamath : Let's fucking go!!!!!!!!!!! [image] Jeremy Hogan / @attorneyjeremy1 : Everyone, welcome “Big Money” to the table. For better, or worse. https://www.msn.com/... @cryptokaleo : LET'S GOOOOOO Palley / @stephendpalley : The D.C. Circuit Court of Appeals holds that the SEC acted in an arbitrary and capricious in denying Grayscale's proposed bitcoin fund. This is a hard standard to meet: it's the Court telling the SEC it had no basis for the decision & just made it up. https://www.docdroid.net/... Jake Chervinsky / @jchervinsky : Grayscale wins. The SEC's war on crypto is falling apart in the courts. Michael Saylor⚡️ / @saylor : The District of Columbia Court of Appeals has paved the way for bitcoin exchange-traded funds. https://www.cnbc.com/... Forums: r/Bitcoin : Court sides with Grayscale in closely watched Bitcoin ETF case r/ethtrader : SEC Must Review Grayscale's ETF Bid After Previous Rejection, Appeals Court Rules r/btc : Court rules GBTC can be converted to an ETF, SEC must review. BCHG (BCH fund) may be next to be converted to an ETF.

CoinDesk 2023-08-30

Discussion

@jchervinsky Jake Chervinsky on x
1/ Grayscale's victory over the SEC is *massive.* It's very rare for a federal circuit court to find that an agency has violated the APA by acting arbitrarily and capriciously. The DC Circuit just delivered a huge embarrassment for the SEC. But the ETF isn't approved yet 🧵
@jseyff James Seyffart on x
BREAKING: There it is, @Grayscale wins their lawsuit against the SEC. DC Circuit court of appeals is vacating SEC's denial of $GBTC's conversion into an ETF. [image]
@patrickmchenry Patrick McHenry on x
SEC Chair @GaryGensler's crusade against the digital asset ecosystem is falling apart under scrutiny from the courts. This is yet another example of why a comprehensive regulatory framework, like the FIT for the 21st Century Act, must be made law. https://www.coindesk.com/...
@adamscochran Adam Cochran on x
1/2 The full decision is a slaughterfest of the SEC arguments, and requires a full review of Grayscale's application. SEC options from here on out are: 1. Delay decision and come up with new fake reason 2. Concede and approve 3. Request en banc appeal of the case. [image]
@milesdeutscher Miles Deutscher on x
Grayscale just officially won their lawsuit against the SEC, allowing them to convert their futures #Bitcoin ETF into a spot ETF. The odds of other $BTC spot ETF approvals have now also significantly increased. This changes everything. Time to pay attention again.. 🍿 [image]
@attorneyjeremy1 Jeremy Hogan on x
Everyone, welcome “Big Money” to the table. For better, or worse. https://www.msn.com/...
@chamath Chamath Palihapitiya on x
Let's fucking go!!!!!!!!!!! [image]
@billhughesdc @billhughesdc on x
From @matt_levine's newsletter today covering Grayscale v. SEC. I think we all know it is really the latter, although not everyone needs to say that out loud. “One possible interpretation of this case is that the SEC's decision to block spot Bitcoin ETFs was unusually...
@katie_haun Kathryn Haun on x
Nice win for crypto this morning out of the DC Circuit—a federal appeals court one step removed from SCOTUS—with a remarkably unanimous decision from an ideologically diverse panel. The 3 judges ruled the SEC failed to adequately explain its disparate treatment of one BTC ETF...
@cryptokaleo @cryptokaleo on x
LET'S GOOOOOO
@stephendpalley Palley on x
The D.C. Circuit Court of Appeals holds that the SEC acted in an arbitrary and capricious in denying Grayscale's proposed bitcoin fund. This is a hard standard to meet: it's the Court telling the SEC it had no basis for the decision & just made it up. https://www.docdroid.net/...
@jchervinsky Jake Chervinsky on x
Grayscale wins. The SEC's war on crypto is falling apart in the courts.
@saylor Michael Saylor⚡️ on x
The District of Columbia Court of Appeals has paved the way for bitcoin exchange-traded funds. https://www.cnbc.com/...
r/Bitcoin r on reddit
Court sides with Grayscale in closely watched Bitcoin ETF case
r/ethtrader r on reddit
SEC Must Review Grayscale's ETF Bid After Previous Rejection, Appeals Court Rules
r/btc r on reddit
Court rules GBTC can be converted to an ETF, SEC must review. BCHG (BCH fund) may be next to be converted to an ETF.

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A US court rules that the SEC must review its rejection of Grayscale's bid to convert the Grayscale Bitcoin Trust into an ETF after approving two bitcoin ETPs

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