Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
Minnesota Judge Rejects Bid to Halt Trump Immigration Enforcement in Minneapolis 
Supreme Court Tests Federal Reserve Independence Amid Trump’s Bid to Fire Lisa Cook 
US Judge Rejects $2.36B Penalty Bid Against Google in Privacy Data Case 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Panama Supreme Court Voids CK Hutchison Port Concessions, Raising Geopolitical and Trade Concerns 
U.S. Lawmakers to Review Unredacted Jeffrey Epstein DOJ Files Starting Monday 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
FxWirePro- Major Crypto levels and bias summary 
The U.S. Court of Appeals for the D.C. Circuit sided with Grayscale Investments, ruling the Securities and Exchange Commission (SEC) improperly denied their Bitcoin exchange-traded fund (ETF) application. This decision propelled Bitcoin's value by 5%, signaling potential growth in mainstream crypto adoption.
Grayscale aims to establish the fund, enabling investors to access Bitcoin through traditional brokers and markets rather than digital asset exchanges. While the SEC has already approved funds based on Bitcoin futures, it has consistently denied requests for an ETF directly holding the cryptocurrency, citing market manipulation and fraud concerns.
The court's decision sent Bitcoin prices soaring by 5% and bolstered shares of cryptocurrency firms like Coinbase. The SEC, meanwhile, confirmed that it is reviewing the ruling to determine its next course of action, with a 45-day window to request another review.
Amidst a turbulent year of token crashes, scandals, bankruptcies, and regulatory crackdowns, digital asset prices have suffered. While the SEC has recently taken enforcement actions against major crypto exchanges like Binance and Coinbase, digital asset enthusiasts widely ridiculed the commission's skepticism towards cryptocurrencies.
Consequently, proponents of digital assets celebrated the court's ruling, describing it as significant, positive, and precedent-setting for the broader crypto industry.
Bitcoin enthusiasts have long envisioned the possibility of an ETF. Since 2013, when Cameron and Tyler Winklevoss, founders of the Gemini crypto exchange, applied for an ETF with securities regulators, the dream has persisted. An ETF would allow investors seeking exposure to the cryptocurrency to purchase shares in a fund that holds Bitcoin, providing a more stable alternative to the volatile and chaotic digital asset markets.
This court ruling benefits Grayscale and Bitcoin and establishes a crucial precedent for the entire crypto industry. With this decision, market participants anticipate new opportunities and increased mainstream recognition for digital assets.
Photo: Kanchanara/Unsplash
