Bitcoin Up 7% as Grayscale Wins Landmark Case Against SEC

Investing

Published: August 29, 2023 10:12 pm

Last Updated: August 30, 2023 7:29 am

Bitcoin has jumped 7% as the District of Columbia Court of Appeals has finally issued the much-awaited verdict in the Grayscale v. SEC case. Dubbed a landmark case, the court has ruled in favor of Grayscale, adding that the SEC’s decision to prevent the firm from launching a Bitcoin ETF was unreasonable.

Grayscale Wins Lawsuit Against the SEC

It seems that the crypto market may soon register an influx of new capital, with the court granting the firm permission to proceed with the launch of its Bitcoin ETF. The landmark case has finally announced its verdict, crowning Grayscale as the ultimate winner against the SEC.

The court further ruled that the SEC’s stance on Grayscale’s Bitcoin ETF was “improper’ and that the agency must review the application again without any biases.

The court later dubbed the SEC’s rejection of Grayscale’s Bitcoin ETF arbitrary and capricious. The case, which has been touted as a “landmark” case by experts, is anticipated to deliver new use cases for the cryptocurrency market to flourish. These new developments can bring capital outflows into the market, where users can invest in lucrative Bitcoin ETFs to generate additional wealth and income.

As Grayscale won the historic case, Bitcoin’s downward spiral gained a tentative boost, climbing $1,845 up the radar to stabilize at $27,940.

Grayscale vs. SEC: A Brief Summary

The intense legal conflict between Grayscale and the SEC began in October last year when the SEC rejected the crypto giant’s application to launch a Bitcoin ETF in the market. The feud took a lethal route when Grayscale sued the SEC, labeling the agency’s rejection unnecessary and unreasonable.

In an official court hearing held in March 2022, the SEC claimed that Grayscale’s launch of the Bitcoin ETF may catalyze the BTC market. The agency claimed that the launch of the Bitcoin ETF could induce manipulation of the BTC market in its entirety, which was later refuted and negated by Grayscale. The crypto giant had dropped contradictory comments to tackle the SEC by labeling the agency’s claims as downright “unreasonable.” Grayscale further argued how the same concerns could also be applied to the futures market, giving their months-long legal proceedings an edge.

The recent court ruling can revolutionize the ETF market entirely by bringing in new liquidity options for crypto users. The news of Grayscale winning the case has pushed all major cryptocurrencies up a notch, with Bitcoin and Ethereum posing proudly in green, holding stable positions at $27,460 and $1,721, respectively.

This article originally appeared on The Tokenist

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