The U.S. District of Colombia Court of Appeals has ruled that the Securities and Exchange Commission (SEC) was arbitrary in rejecting the Grayscale Bitcoin Exchange Traded Fund (ETF) conversion application. If the court ruling is not appealed by October 13, 2023, it could increase the chances of a spot Bitcoin ETF approval in the United States. This could be seen as a setback for the SEC and Chair Gary Gensler, who has faced criticism for the agency’s anti-crypto regulatory stance.

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