Grayscale wins court ruling in battle with SEC for Bitcoin ETF

- Cryptocurrency prices are trending higher on Tuesday morning after a three-judge panel for the DC Circuit Court of Appeals handed Grayscale Investments a victory in its battle against the Securities and Exchange Commission , which must now review the firm's application for a Bitcoin exchange-traded fund .

Grayscale called the rejection of its ETF application by the SEC “arbitrary and capricious,” and petitioned the court to allow GBTC to be converted to an ETF that would be overseen and regulated by the SEC. Grayscale CEO Michael Sonnenshein announced the decision via X and said the company is now reviewing the court’s opinion as it prepares to move forward.The D.C. Circuit ruled in favor of @Grayscale in our lawsuit challenging the SEC's decision to deny $GBTC's conversion to an ETF!

The SEC has 45 days to appeal the ruling, and if they elect to do so, the case would eventually wind up in front of the Supreme Court or an en banc panel review. The ruling means the regulator must review Grayscale’s application, but there is no guarantee that the SEC will ultimately approve the conversion of GBTC into an ETF.

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