The leading crypto asset manager, Grayscale Investments, has achieved a significant win against the United States Securities and Exchange Commission (SEC).
According to the court filing of August 29, U.S. Court of Appeals Circuit Judge Neomi Rao ordered: “Grayscale’s petition for review be granted and the Commission’s order be vacated.”
The order states that Grayscale’s request for a review is accepted, and the decision made by the SEC should be invalidated.
This means the SEC has to take another look at Grayscale’s application, even though they turned it down before.
Earlier, the GBTC application was rejected by the SEC, which stated that the products were not “designed to prevent fraudulent and manipulative acts and practices.”
Grayscale Investments filed a lawsuit against the SEC in June 2022 after the agency rejected its application to turn its flagship bitcoin fund, GBTC, into an ETF.
The CEO of Grayscale, Michael Sonnenshein, shared his thoughts on Twitter, saying that its legal team is “actively reviewing” the court opinion.
The order doesn’t ensure that a Grayscale Bitcoin ETF will definitely be listed in the future.
Also Read: Grayscale Urge SEC for Simultaneous Approval of Bitcoin ETFs
