Quotes of the first cryptocurrency rose by almost 6% in an hour – to levels of about $ 27,500 – after the court in the United States granted the petition of Grayscale Investments in a case against SEC.
At the time of writing, digital gold has corrected to around $27,300, according to CoinGecko. Over the past seven days, the price has added about 5%.
In June, wealth manager Grayscale sued the regulator for refusing to convert its flagship GBTC trust into a bitcoin ETF. The company made an application to the SEC for the conversion of the investment product in October 2021.
The Court of Appeal ordered the Commission to reconsider its decision.
The court ruling follows a series of applications to the SEC by a number of large financial institutions like BlackRock and Fidelity for the registration of exchange-traded funds based on the spot price of the first cryptocurrency. Bitcoin ETF futures have been trading in the US since 2021.
Recall that in July, the head of the Grayscale legal department, Craig Salm, estimated the possible time frame for litigation with the SEC at one to two years.
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