Bitcoin and other cryptocurrencies were mostly trading with positive gains in the early week on Monday as the door slowly opened up for Bitcoin ETFs in the US. At the time of writing, Bitcoin rose 4.02% to 27954.04.According to sources from individual with knowledge of the situation, the U.S. Securities and Exchange Commission (SEC) won't …
Bitcoin and other cryptocurrencies were mostly trading with positive gains in the early week on Monday as the door slowly opened up for Bitcoin ETFs in the US. At the time of writing, Bitcoin rose 4.02% to 27954.04.
According to sources from individual with knowledge of the situation, the U.S. Securities and Exchange Commission (SEC) won’t challenge a recent court decision that ruled Grayscale Investments’ request to establish a spot bitcoin exchange-traded fund (ETF) was improperly denied. In a case that has been widely watched by the sector that has been seeking to promote such products for a decade, the District of Columbia Court of Appeals in Washington, D.C., ruled in August that the SEC was wrong to reject Grayscale’s proposed bitcoin ETF.
The SEC’s decision not to appeal will likely to open the doors for the agency to review Greyscale’s application. A spot bitcoin ETF would give investors exposure to the largest cryptocurrency by market capitalization without having to own it. All spot bitcoin ETF proposals, including Grayscale’s, were rejected by the SEC on the basis that the applicants had not demonstrated their ability to safeguard investors against market manipulation.
Following the news, the global cryptocurrency market cap was trading significantly higher, jumping to $1.06 trillion-mark, as it declined about one per cent in the last 24 hours. However, the total trading volumes surged as much as 38 per cent to $19.4 billion.
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