{"id":2015324,"date":"2023-08-29T11:22:01","date_gmt":"2023-08-29T15:22:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-court-says-sec-wrong-to-deny-grayscales-spot-bitcoin-etf-proposal\/"},"modified":"2023-08-29T11:24:55","modified_gmt":"2023-08-29T15:24:55","slug":"us-court-says-sec-wrong-to-deny-grayscales-spot-bitcoin-etf-proposal","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-court-says-sec-wrong-to-deny-grayscales-spot-bitcoin-etf-proposal\/","title":{"rendered":"US court rules against SEC&#8217;s denial of Grayscale&#8217;s bitcoin ETF proposal."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-court-says-sec-wrong-to-deny-grayscales-spot-bitcoin-etf-proposal%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2015324&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Grayscale Investments Wins Landmark Victory for Bitcoin ETF<\/h2>\n<blockquote>\n<p>By Hannah Lang<\/p>\n<\/blockquote>\n<p>The U.S. Securities and Exchange\u2063 Commission\u2063 should have approved \u200ban application from Grayscale Investments to create a\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-court-says-sec-wrong-to-deny-grayscales-spot-bitcoin-etf-proposal\/\" title=\"US court rules against SEC's denial of Grayscale's bitcoin ETF proposal.\">spot bitcoin exchange-traded \u200dfund<\/a>, a federal appeals\u200c court ruled on \u200cTuesday, in a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/scotus-rejects-challenge-to-obamacare\/\" title=\"SCOTUS Rejects Challenge To Obamacare\">landmark victory<\/a> for \u2064the asset manager \u200dthat could pave the way for the first product of its kind.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>A panel of judges in the District of\u2063 Columbia Court of Appeals in Washington said the \u200csecurities regulator\u2019s denial of Grayscale\u2019s proposal \u200dwas arbitrary\u200c and \u2064capricious because the SEC failed to explain its different treatment\u2063 between bitcoin futures ETFs and spot bitcoin ETFs. <\/p>\n<p>The price of\u2063 bitcoin, the world\u2019s largest cryptocurrency, was last up 5.75% at $27,609 following the\u2064 decision. <\/p>\n<p>The ruling could be a \u200bboon for bitcoin, as a spot bitcoin ETF\u200c would provide investors the opportunity to gain exposure \u2063to \u2063the digital asset without having to purchase bitcoin via a retail exchange\u200b or custody the asset in a separate crypto wallet. <\/p>\n<p>In a statement, a Grayscale \u2063spokeswoman said the\u200d decision <strong>\u201cis a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/newsom-signs-mega-police-reform-bills\/\" title=\"Newsom Signs Mega Police Reform Bills\">monumental step forward<\/a> for American investors, the Bitcoin\u200c ecosystem, and all those who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper.\u201d<\/strong><\/p>\n<p>\u201cThe Grayscale team and our <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-says-killer-vladimir-putin-will-pay-a-price-for-election-interference\/\" title=\"Biden Says \u2018Killer\u2019 Vladimir Putin \u2018Will Pay A Price\u2019 For Election Interference\">legal advisors<\/a> are actively reviewing the details outlined\u200b in\u2064 the Court\u2019s opinion\u200c and will be \u2062pursuing\u200d next steps with the SEC,\u201d the spokeswoman said. <\/p>\n<p>The SEC did not immediately respond to a request for comment. <\/p>\n<p>It rejected Grayscale\u2019s application for a spot bitcoin ETF last June, arguing\u200c the proposal did not meet anti-fraud\u2062 and investor protection standards. It cited the \u2064same reason in its denial of dozens of other applications\u200b for similar products, including those from Fidelity \u200band VanEck. <\/p>\n<p>Grayscale had argued that because the SEC previously \u200dapproved certain \u2064surveillance agreements to prevent fraud in bitcoin futures-based ETFs, the same setup should also \u200bbe satisfactory for Grayscale\u2019s spot fund, since \u2063both spot and futures funds rely on bitcoin\u2019s price.<\/p>\n<\/p>\n<p>  (Reporting by Hannah Lang in Washington; Editing by Paul Simao)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/us-court-says-sec\/attachment\/file-photo-a-representation-of-virtual-currency-bitcoin-is-seen\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other News:<\/h3>\n<ul>\n<li>\n<p>Former senior\u2063 Trump White House aide Peter Navarro\u200d testified Monday in a federal courtroom on charges\u2063 of defying a Democrat-appointed House J6 Select Committee subpoena.<\/p>\n<\/li>\n<li>\n<p>UNC Chapel\u2062 Hill\u2064 goes on lockdown and Judge Chutkan sets Trump\u2019s alleged Election Interference trial date just before Super Tuesday.<\/p>\n<\/li>\n<li>\n<p>National Legal and Policy Center legal counsel Paul Kamenar says former Trump Chief-of-Staff Mark Meadows has \u201ca good chance\u201d \u2063in succeeding in his bid to move his trial on charges of tampering with the 2020 election to federal court.<\/p>\n<\/li>\n<li>\n<p>Lawyers for Bryan Kohberger asked an Idaho judge to ban cameras from the courtroom.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"entry-content\">\n<p>By Hannah Lang (Reuters) \u2062\u2013 The U.S. Securities and Exchange Commission should have approved an application from Grayscale Investments to create a\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Hannah Lang (Reuters)\u2063 \u2013 The U.S. Securities and Exchange \u200cCommission \u200cshould\u200c have approved an application from Grayscale Investments to create a\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SHENZHEN, China (Reuters) -Chinese smartphone maker Xiaomi Corp reported a 4% revenue drop in the second quarter, tracking a\u2063 shrinkage in China\u2019s\u2026\u2063 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SHENZHEN, China (Reuters) -Chinese smartphone maker Xiaomi \u200cCorp reported a 4% revenue drop in the second quarter, tracking a shrinkage in China\u2019s\u2026 \u2064 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A federal appeals court ruled that the U.S. Securities and Exchange Commission should have approved Grayscale Investments&#8217; application for a spot bitcoin exchange-traded fund. This victory could lead to the creation of the first product of its kind, marking a significant milestone for the asset manager.<\/p>\n","protected":false},"author":66,"featured_media":2015325,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2015324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2015324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2015324"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2015324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2015325"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2015324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2015324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2015324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}