Crypto community cheers Grayscale win

Grayscale Investments, an American digital currency asset management company and subsidiary of Digital Currency Group, has won the Securities and Exchange Commission (SEC) lawsuit paving the way for spot Bitcoin ETF, a potential watershed moment in the cryptocurrency industry.

The US District of Columbia Court of Appeals ruled that the SEC was wrong to reject an application from Grayscale to list an exchange-traded fund that tracks the price of bitcoin, in a landmark decision.

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The case has been closely watched by the cryptocurrency and asset management industries, since they’ve been trying for years to convince the SEC to approve a spot bitcoin ETF. They say such a step will allow investors to gain exposure to bitcoin, which of course is the world’s largest cryptocurrency, without having to own it. The SEC, though, has concerns that spot bitcoin ETFs will be vulnerable to manipulation.

After the news of the US court ruling in favour of Grayscale became public, shares in Grayscale Bitcoin Trust jumped 17%, and there has been all around rejoicing in the crypto community.

Shivam Thakral, CEO of BuyUcoin, an Indian digital asset exchange, says the market reaction to the Grayscale win indicates the lack of regulatory framework. He said, “We can already see the positive impact on the Bitcoin price as it hit 2 week high as soon as the news became public. The market reaction to Grayscale winning the lawsuit against the SEC shows that the digital asset industry is held back due to a lack of regulatory framework.

The wave of positive developments around the crypto industry has come as a fresh lease of life for the crypto industry, which has been battling hostile regulations, dampened investor mood, and crypto winter

Shivam Thakral, CEO of BuyUcoin

“The wave of positive developments around the crypto industry has come as a fresh lease of life for the crypto industry, which has been battling hostile regulations, dampened investor mood, and crypto winter. We are optimistic that Grayscale getting court approval for Bitcoin ETF will work as a template for similar financial products around the world.”

Denis Sklyarov, Co-Founder and CEO of WiFi Map, a crypto centric DeWi app, says the legal victory of Grayscale Investments against the SEC’s denial of its Bitcoin ETF application is a pivotal moment for the entire crypto industry.

This decision showcases the growing recognition of digital assets as a legitimate and evolving investment class

Denis Sklyarov, Co-Founder and CEO of WiFi Map

“This decision showcases the growing recognition of digital assets as a legitimate and evolving investment class. As the crypto space continues to gain regulatory clarity, investor confidence is likely to increase, leading to a broader adoption of cryptocurrencies and related financial products. This milestone highlights the potential acceleration of crypto’s mainstream acceptance, fostering a more mature and thriving ecosystem.”

Mahin Gupta, Founder of Liminal, a regulated wallet infrastructure and custody solutions platform, says the ruling is a major victory for the digital asset industry and one of the most significant developments in the digital asset industry in the past decade.

“The court’s decision to overturn the SEC’s denial of Grayscale’s spot bitcoin ETF application is a clear sign that the regulatory landscape for digital assets is evolving in a positive direction.

If approved, family offices and funds from around the world will have access to a regulated digital asset financial product to invest their wealth in a truly borderless and international asset class

Mahin Gupta, Founder of Liminal

“As the founder of a digital asset custody platform, I am particularly excited about the implications of this ruling for the custody industry. The approval of a spot bitcoin ETF will create a new demand for secure and compliant custody solutions. This will provide a major boost to the custody industry and will help to accelerate the adoption of digital assets by institutional investors. If approved, family offices and funds from around the world will have access to a regulated digital asset financial product to invest their wealth in a truly borderless and international asset class. I feel this is one of the most significant developments in the digital asset industry in the past decade.”

Also, recently, Coinbase Global (COIN.O) secured approval to offer cryptocurrency futures to US retail customers, another unprecedented regulatory win.

Sklyarov calls this a significant milestone as well, “The approval granted to Coinbase for listing regulated and leveraged crypto futures in the US is a significant milestone in the cryptocurrency industry.

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“It demonstrates the growing acceptance and integration of digital assets into traditional financial markets. As WiFi Map, we applaud this move, which adds another layer of legitimacy and accessibility to the world of cryptocurrencies. We look forward to witnessing the positive impact of this step on the broader adoption of cryptocurrencies and blockchain technology.

Another crypto news that stirred up crypto sentiment is how Worldcoin, the new project from ChatGPT founder Sam Altman, which aims to create a blockchain-based “identity and financial network”, has been attracting more than 2.2 million eyeballs, literally. People have signed up, getting their irises scanned in exchange for a digital ID and, in some countries, free crypto.