Court ruling may not immediately open the floodgates for such products
A court ruling siding with Grayscale Investments is a big boost for the cryptocurrency industry’s decade-long effort to launch an exchange-traded fund that tracks bitcoin, even if it does not immediately open the floodgates for such products.
“This decision represents another instance of U.S. courts pushing back against what is widely seen as regulatory overreach by the SEC in the digital asset space,” said Christopher LaVigne, co-chair of the cryptocurrency practice at the Withers law firm. The SEC declined to comment on Wednesday. Bitcoin jumped around 7% on Tuesday, although it pared some gains Wednesday. It was last at $27, 206.
Sui Chung, CEO of CF Benchmarks, the UK-regulated index provider for other proposed bitcoin ETFs, said the ruling clarified that crypto firms seeking to launch regulated products “should be afforded exactly the same due process and consideration” as if they were offering established securities.The court’s endorsement of the CME arrangement also offers a potential path to meet the SEC’s bar for investor protection.
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