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 <p>Grayscale won a landmark legal victory against the US Securities and Exchange Commission, propelling Bitcoin (BTC) to its highest point in a fortnight and boosting other crypto assets.</p> 
 <p class="p2"><span class="s1">The win sparked a $1,700 jump in Bitcoin in 30 minutes while the Grayscale Bitcoin Trust (GBTC) rose 17% to $20.60.&nbsp;</span></p> 
 <figure id="attachment_434759" aria-describedby="caption-attachment-434759" style="width: 100%" class="wp-caption alignnone">
  <img decoding="async" class=" wp-image-434759" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20817%20460'%3E%3C/svg%3E" alt="Grayscale Bitcoin Trust (GBTC) " width="817" height="460" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/08/30/d4d958ef460a2caa6653fc72e0f434f6.webp 300w, https://cdn.thebittimes.com/images/2023/08/30/d4d958ef460a2caa6653fc72e0f434f6.webp 1024w, https://cdn.thebittimes.com/images/2023/08/30/d4d958ef460a2caa6653fc72e0f434f6.webp 768w, https://cdn.thebittimes.com/images/2023/08/30/d4d958ef460a2caa6653fc72e0f434f6.webp 1534w" data-lazy-sizes="(max-width: 817px) 100vw, 817px" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/30/d4d958ef460a2caa6653fc72e0f434f6.webp">
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   <img decoding="async" class=" wp-image-434759" src="https://cdn.thebittimes.com/images/2023/08/30/d4d958ef460a2caa6653fc72e0f434f6.webp" alt="Grayscale Bitcoin Trust (GBTC) " width="817" height="460" srcset="https://cdn.thebittimes.com/images/2023/08/30/d4d958ef460a2caa6653fc72e0f434f6.webp 300w, https://cdn.thebittimes.com/images/2023/08/30/d4d958ef460a2caa6653fc72e0f434f6.webp 1024w, https://cdn.thebittimes.com/images/2023/08/30/d4d958ef460a2caa6653fc72e0f434f6.webp 768w, https://cdn.thebittimes.com/images/2023/08/30/d4d958ef460a2caa6653fc72e0f434f6.webp 1534w" sizes="(max-width: 817px) 100vw, 817px">
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  <figcaption id="caption-attachment-434759" class="wp-caption-text">
   Grayscale Bitcoin Trust (GBTC) (Source: TradingView)
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 <p><span class="s1">The U.S. Court of Appeals for the District of Columbia Circuit ruled on Aug. 29 that the SEC’s earlier decision to reject Grayscale’s application to convert GBTC into a spot Bitcoin ETF listed it on the New York Stock Exchange’s Arca market was “arbitrary and capricious.” It agreed that </span><span class="s1">Grayscale’s proposed Bitcoin ETF was “materially similar” to Bitcoin futures exchange-traded products already approved by the SEC.&nbsp;</span></p> 
 <p class="p2"><span class="s1">It also debunked the SEC’s argument that Grayscale’s ETF was not designed to prevent fraudulent and manipulative acts and practices and said its decision was wrong in rejecting Grayscale’s application to launch an ETF using the Bitcoin spot price as its basis.&nbsp;</span></p> 
 <p>“The full decision is a slaughterfest of the SEC arguments,” tweeted Adam Cochran, founder of Cinneamhain Ventures. ”SEC options from here on out are: 1. Delay decision and come up with new fake reason 2. Concede and approve 3. Request en banc appeal of the case.“</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">1/2</p> 
  <p>The full decision is a slaughterfest of the SEC arguments, and requires a full review of Grayscale's application.</p> 
  <p>SEC options from here on out are:</p> 
  <p>1. Delay decision and come up with new fake reason<br>2. Concede and approve<br>3. Request en banc appeal of the case. pic.twitter.com/4xqOdtOF0D</p> 
  <p>— Adam Cochran (adamscochran.eth) (@adamscochran) August 29, 2023</p>
 </blockquote> 
 <p></p> 
 <h3 id=""></h3> 
 <h3 id="grayscale-win-a-big-boost-for-crypto-industry">Grayscale Win a Big Boost for Crypto Industry</h3> 
 <p><span class="s1">It was also a big boost for the entire crypto ecosystem. </span><span class="s1">Influencer Miles Deutscher said the ruling is a game-changer while Michaël van de Poppe, founder and CEO of trading firm Eight, indicated that the court’s ruling might bring about favorable consequences for ETF applications by companies that included BlackRock, Fidelity and Ark Invest.</span></p> 
 <p class="p2"><span class="s1">“This might sound weird, but we could be on the verge of the start of the bull cycle with this news,” he said.&nbsp;</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Breaking: Grayscale wins case against SEC &amp; #Bitcoin reacts towards $27,000+</p> 
  <p>The long wait is over! Grayscale has won their case against the SEC and are able to transition their GBTC towards an ETF.</p> 
  <p>This is a huge event as it will be an indicator towards Blackrock. Why? 👇</p> 
  <p>In… pic.twitter.com/JvFYYsKIbs</p> 
  <p>— Michaël van de Poppe (@CryptoMichNL) August 29, 2023</p>
 </blockquote> 
 <p></p> 
 <p class="p2"><span class="s1">The approval of a spot Bitcoin ETF would be a massive win for the cryptocurrency landscape. Citizens JMP Securities analysts, including Devin Ryan, say such a development would help catalyze mainstream adoption of Bitcoin and crypto assets. Others were more cautious, noting that approval of such an investment vehicle stillf faces additional hurdles.&nbsp;</span></p> 
 <p class="p2"><span class="s1">Grayscale’s win comes hard on the heels of another big setback for the SEC, when in July Ripple Labs celebrated a partial win when a court ruled its XRP token is not a security when sold to individual investors. Crypto assets rallied on the news.&nbsp;</span></p> 
 <p class="p2"><span class="s1">In another breakthrough, Crypto exchange Coinbase also secured approval this month to offer crypto futures trading to its U.S. customers, enabling it to </span><span class="s1">provide Bitcoin and Ethereum futures contracts through a dedicated Futures Commission Merchant platform.</span></p> 
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Grayscale’s Landmark Legal Win a ‘Slaughterfest’ of SEC Arguments as Bitcoin, GBTC Surge on Massive Day for Crypto

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