Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Grayscale Victory Boost Confidence on BTC Spot ETF | Crypto Daily Digest Aug. 30

TokenInsightTokenInsight2023/08/30 16:01
By:TI Research

While SEC could pick a different reason to deny Grayscale again, it is also possible the SEC could take the new court decision as a graceful exit from their anti-ETF position.

Grayscale won a monumental legal victory against the SEC. Judge Neomi Rao of the DC Circuit Court of Appeals revoked the SEC's order to deny Grayscale's application for a spot Bitcoin ETF, ruling that the SEC must review the application.

The market's confidence in Bitcoin spot ETF approval has been bolstered.

Find our detailed analysis of Bitcoin Spot ETF - When will be the Approval Date

Approval of a spot BTC ETF has been seen as a bullish catalyst for the crypto industry, as it would allow investors to circuvment the challenge of crypto custody and allow retail and institutional investors to get exposure to the asset in a easy and compliant way.

While the SEC can no longer deny ETF on the grounds of fraud and manipulation concerns due to the latest court ruling, it is possible for the SEC to pick a new reason to deny Grayscale's proposal again. However, the top legal expert, Chief Policy Officer of Blockchain Association, Jake Chervinsky, has a more positive stance. He tweeted:

One theory is that the SEC will just pick a different reason to deny Grayscale's proposal and force more long and costly litigation.

But another theory is that the SEC will take the DC Circuit's decision as a graceful exit from their anti-ETF position.

"We disagree, but we're following the rule of law" is a convenient excuse to back out of a losing battle.

Today's Market

Source: TokenInsight Gainers and losers

Headlines

Top Exchanges' Daily Trading Volume Exceeded $120B Yesterday, Up Nearly 140%

Bitcoin Buying Orders Accumulated over 50% Before Its Significan t Price Surge

Other News in Case You Missed it:

Ethereum Foundation Introduces Ethereum Execution Layer Specification

Binance Launches New Product Send Cash in Latin America

Swiss SEBA Bank Obtained In-Principle Approval for Crypto Service in HK

Arbitrum Launches New Testnet on Sepolia

Lybra Finance to Launch v2 on August 31

Starknet Halts Quantum Leap NFT Campaign

Bitcoin Miner Revenue per TeraHash Slumpled to Nearly All Time Low Level

What's New from TokenInsight?

Crypto Exchange Token Tracker Aug 2023: Exchange tokens, as the core of crypto exchanges, play a crucial role in the crypto industry. With the fade out of $FTT, what are the new trends of exchange tokens? Let's take a look together.

Memecoin Playbook: How to Spot and Trade Memecoins - What's the deal with memecoins? Which one should you buy? How do you manage trading risks? This guide will clear things up for you in just 15 minutes.

Top Telegram Bots for Cryptocurrency: This article will provide a brief overview of various projects related to Telegram bots, categorizing them to help you quickly understand the functionalities of these bots.

TokenInsight Product Guide

How to Download Cryptocurrencies and Exchanges' Historical Data Using TokenInsight For Free?

How to use the TokenInsight API to obtain cryptocurrency rating data?

How to Import TokenInsight Cryptocurrency Data into Google Sheets?

22

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!