Bitcoin undoubtedly stands to benefit from Grayscale's court victory against the SEC, but some on Wall Street are concerned the ruling doesn't offer as much hope for Coinbase . On Tuesday the U.S. Court of Appeals for the D.C. Circuit ruled that the Securities and Exchange Commission was wrong to deny crypto investment giant Grayscale permission to convert its popular bitcoin trust, known by its ticker GBTC, into an ETF. Many see the news as a strong signal that a U.S.
mountain Coinbase shares year-to-date performance. Mizuho said although the ruling gets the market one step closer to seeing a bitcoin ETF launch, that would "further commoditize bitcoin trading in the U.S." "Nearly 40% of COIN's transaction revenue emanates from bitcoin trading," Mizuho's Dan Dolev said. "We believe a bitcoin ETF could increase competition and put pricing pressure on retail take rates.
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Grayscale's Chief Legal Officer Talks Bitcoin ETF Decision; Bitcoin Price Rallies on Grayscale Court WinGrayscale Investments Chief Legal Officer Craig Salm joins 'First Mover' to discuss the next steps after a federal court ruled the SEC must review its rejection of Grayscale’s attempt to convert the GBTC into an ETF. Kaiko Director of Research Clara Medalie discusses the market reaction as bitcoin (BTC)'s price surged on the news. Plus, former SEC Special Counsel Hermine Wong shares insights into the impact of the SEC issuing its first enforcement action targeting NFTs.
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