Quotes of the first cryptocurrency rose almost 6% in an hour – to levels around $27,500 – after a court in the U.S. granted Grayscale Investments’ motion in a case against the SEC.

At the time of writing, the digital gold rate has corrected to near $27,300, according to CoinGecko. The price has added about 5% over the past seven days.

In June, asset 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 to convert the investment product in October 2021.

The appellate court ordered the Commission to reconsider its decision.

The court order followed a series of applications to the SEC by a number of large financial institutions like BlackRock and Fidelity to register exchange-traded funds based on the spot price of the first cryptocurrency. Bitcoin futures ETFs have been traded in the US since 2021.

Recall that in July, Craig Salm, head of Grayscale’s legal department, estimated the possible timeline for a trial with the SEC at one to two years.

By Linda

Leave a Reply

Your email address will not be published. Required fields are marked *