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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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“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.”
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