Trump Secures Drug Pricing Deals With Nine Pharma Companies 
MediaTek Shares Jump 10% on Nvidia’s $3.5 Billion Investment 
Yindjibarndi Appeals Fortescue Mining Compensation Ruling 
Prince Harry Faces Potential Multi-Million-Pound Legal Bill in Daily Mail Case 
Apple’s Phil Schiller Steps Back as Leadership Shake-Up Accelerates 
France Targets Shein, Temu With Fast-Fashion Fees 
Honduras Court Drops Charges Against Ex-President Juan Orlando Hernandez 
CK Hutchison Seeks $1.5 Billion From Panama Over Canal Ports 
South Korea Unveils Record $597 Billion 2027 Budget to Boost AI and Chips 
Shein Shares Slide 9% in Hong Kong IPO Debut 
US Strikes Iran IRGC Targets as Conflict Escalates 
Gold Prices Steady as U.S.-Iran Tensions Lift Inflation Risks 
US Tech Giants’ AI Bond Boom Raises Euro Zone Borrowing Risks 
Add as a preferred source on Google
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
