Spot bitcoin etf still a long shot

August 30, 2023

Dear Reader,

Grayscale calls the ruling "a monumental step forward."

Referring to an August 29 decision by the U.S. Court of Appeals for the District of Columbia Circuit.

Which overturned an SEC ruling that denied an exchange-traded fund offering for Grayscale through its Bitcoin Trust.

The circuit court ruled 3–0 in favor of Grayscale.

While some cheer the decision, others point out that the ruling won't necessarily lead to the first US spot Bitcoin ETF.

Here's the gist of the story…

The Grayscale's Bitcoin ETF was struck down by the SEC because… according to the SEC's reasoning… the ETF was not "designed to prevent fraudulent and manipulative acts and practices".

This justification was reversed by the court ruling as insufficient.

Now the matter goes back to the SEC for a new round of debate.

Kinda feels like a game of "hot potato".

All this back and forth could take months if not years to sort out.

In the meantime, investors don't have to wait for a Bitcoin ETF.

Cointelegraph Markets Pro alerts crypto investors to plenty of market opportunities every single day.

Without having to wait to jump in the action.

Regards,

Markets Pro Team