Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Trump Family Files $10 Billion Lawsuit Over IRS Tax Disclosure 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Supreme Court Tests Federal Reserve Independence Amid Trump’s Bid to Fire Lisa Cook 
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Trump Lawsuit Against JPMorgan Signals Rising Tensions Between Wall Street and the White House 
Panama Supreme Court Voids Hong Kong Firm’s Panama Canal Port Contracts Over Constitutional Violations 
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
