Grayscale Investments has won a legal victory against the Securities and Exchange Commission (SEC), resulting in a surge in Bitcoin prices. Grayscale filed a lawsuit against the SEC earlier this year after the denial of its request to change the Grayscale Bitcoin Trust into a bitcoin exchange-traded fund (ETF). The U.S. Court of Appeals ruled in favor of Grayscale, invalidating the SEC’s reason for the denial. This ruling sets a precedent for other bitcoin spot ETF applications before the SEC and puts pressure on the regulatory agency to consider approving a spot bitcoin ETF. The ongoing conflict between the SEC and the cryptocurrency industry highlights the challenges surrounding crypto regulation in the United States. The victory has caused a stir in the cryptocurrency markets, leading to a 5% surge in the price of Bitcoin.
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