Federal Reserve Faces Subpoena Delay Amid Investigation Into Chair Jerome Powell 
Meta Faces Lawsuit Over Alleged Approval of AI Chatbots Allowing Sexual Interactions With Minors 
Supreme Court Tests Federal Reserve Independence Amid Trump’s Bid to Fire Lisa Cook 
Federal Judge Restores Funding for Gateway Rail Tunnel Project 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
New York Judge Orders Redrawing of GOP-Held Congressional District 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
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
