Tuesday’s ruling isn’t the final word on approval of a spot Bitcoin ETF, but it still helped to boost spirits in a beaten-down sector.
Eleven companies have filed to launch an exchange-traded fund in the US that’s tied directly to the price of Bitcoin James Seyffart/Bloomberg Intelligence/Bloomberg Photographer: James Seyffart/Bloomberg Intelligence/Bloomberg , James Seyffart/Bloomberg Intelligence/Bloomberg
While it’s only one victory against the US in a multi-pronged campaign, the win by Grayscale Investments LLC shows that the SEC’s approach to policing the gray legal areas of crypto — what Coinbase Global Inc. has called “regulation by enforcement” — is far from foolproof. Judge Neomi Rao wrote that the regulator’s denial of the ETF was “arbitrary and capricious” because the SEC had failed to explain its different treatment of similar products.
Still, Tuesday’s court action does potentially move Bitcoin much closer to more widespread acceptance in the traditional investment industry.
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