It's been months and months but the debate over a spot Bitcoin ETF in the US does not seem to cool down anytime soon. In an overly excited manner most news forums are declaring that Grayscale has got a green light for a launch of spot Bitcoin ETF. X (Twitter) is flooded with all the bullish sentiments and most of post carrying a message of a clear win for Grayscale against SEC. That's fine but what about a better due diligence before posting anything. Bloomberg! hope you do better next time. Even the Bitcoin Magazine went misleading.
This one is a correction version from Bloomberg.
After a brief lull and dull period in crypto Bitcoin goes berserk on the news and up over $1500 in less than an hour. The uptrend in prices is inevitable when we get such a big and positive news. Indeed the news about Grayscale's winning against the SEC is a milestone that could pave the way for the launch of spot Bitcoin ETFs in the US. But does this win of Grayscale has anything to do with a near future launch of Spot Bitcoin ETF? Is the SEC now bound to accept Grayscale's application? Let's find out.
Before we become over enthusiastic, let's clarify that the D.C. court has not ordered SEC to let Grayscale launch a Spot Bitcoin ETF. Insted the court has just accepted the review petition of Grayscale for the previous rejection of its spot Bitcoin ETF application.
For all of those who want to better understand the order of D.C. Court, just read what Grayscale itself has to say about it.
In short there's still time when the first spot Bitcoin ETF is launched in the US but this recent order in favour of Grayscale is definitely going to be one of the major deciding factor.
We can assume that the court has instructed the SEC to be more reasonable the next time it rejects an application. Now SEC cannot be null and void with its reasons. It has to be absolutely to the point otherwise the courts will surely pass orders against them.
At last a message for SEc and Gensler "The courts for justice follow clarity not ambiguity"
Also read why did I objected the the Bitcoin price Crash on 17th August
Bitcoin May be Down, It's not Defeated
https://www.publish0x.com/coinsreporter/bitcoin-may-be-down-its-not-defeated-xkegjqz
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