Grayscale has won a significant court victory against the US Securities and Exchange Commission (SEC) in its bid to launch a spot Bitcoin exchange-traded fund (ETF). The conflict began when the SEC blocked Grayscale from converting its Bitcoin Trust into an ETF, resulting in Grayscale suing the SEC for arbitrary action in approving ETFs investing in Bitcoin futures while rejecting direct Bitcoin holdings. The DC Circuit Court of Appeals ruled in favor of Grayscale, requiring the SEC to review its rejection of the company’s proposal. This decision could compel the SEC to reassess its stance on spot Bitcoin ETFs and potentially open the doors for their approval in the US. However, the next steps remain uncertain, as the SEC could deny Grayscale’s proposal using different reasoning. The court’s ruling sets a precedent that could have far-reaching implications for the approval of spot Bitcoin ETFs in the US.

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