The District of Columbia Court of Appeals has paved the way for bitcoin exchange-traded funds. On Tuesday, the court sided with Grayscale in a lawsuit against the SEC, which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF.
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First bitcoin ETF could be coming soon as court rules in favor of Grayscale over SEC
“The Commission failed to adequately explain why it approved the listing of two bitcoin futures ETPs but not Grayscale’s proposed bitcoin ETP,” the court said, referring to exchange-traded products. “In the absence of a coherent explanation, this unlike regulatory treatment of like products is unlawful.”
