Grayscale, which had submitted a Bitcoin Spot ETF application in the past few months, filed a lawsuit after the SEC rejected their ETF application. The decision from the court had been eagerly awaited for weeks. In breaking news, it has been reported that the court has ruled in favor of Grayscale. Following the decision, the SEC has revoked its rejection of the spot ETF application.

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Here is the opinion issued by the presiding judge in the case:

“Grayscale has presented undeniable evidence, showing a 99.9% correlation between the Bitcoin spot market and the CME futures price. The SEC has failed to adequately explain why it approved two Bitcoin futures ETPs while denying Grayscale‘s proposed Bitcoin ETP. In the absence of a coherent explanation, the unequal regulatory treatment of similar products is deemed unlawful. Consequently, we have accepted Grayscale‘s request for a review and have overturned the Commission’s decision.” As a conclusion, Grayscale Wins the Lawsuit!

Grayscale remarked, “The court’s decision marks a significant milestone for both the Bitcoin ecosystem and American investors.”

After the ruling, Bitcoin underwent a sudden surge, reaching levels around $27,700.

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According to information conveyed by Bloomberg, the SEC might accommodate these ETF requests. However, Bloomberg does not disclose the sources behind this news.These sources also state that the blocking of these ETFs is unlikely. Following a significant market downturn, this news further eased investors’ concerns. After an almost $800 million liquidation in the market, prices began to turn upwards. This news remains a key factor supporting the upward trend.

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In fact, according to the reported news, starting October 1st, these ETFs will begin trading on exchanges. Among the companies applying are several like Volatility Shares, Bitwise, Roundhill, and ProShares. Their approval would bring significant speed and popularity to the cryptocurrency markets.

Furthermore, the potential approval of these ETFs could mark a significant milestone in the broader acceptance and integration of cryptocurrencies into traditional financial markets. This move might also attract more institutional investors who have been waiting for a regulated and standardized way to invest in cryptocurrencies. The listing of Ethereum ETFs on exchanges could potentially increase accessibility for retail investors as well, making it easier for a wider range of individuals to participate in the crypto market without the complexities of directly holding and managing cryptocurrencies.

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