Bitcoin won a major battle, but not the war against the SEC

Crypto prices surged this week after a federal appeals court ruled that the SEC should review its refusal to grant Grayscale a Bitcoin ETF. However, despite this victory for the crypto industry, there is no guarantee that regulators will be ready to allow just any Bitcoin ETF anytime soon. SEC boss Gary Gensler is expected to defend himself tooth and nail to delay a Bitcoin ETF for as long as possible.

7 percent

Earlier this week, when Grayscale won a major legal victory in its attempts to offer a spot bitcoin exchange traded fund, the price of the largest digital coin suddenly jumped 7 percent to almost $28,000. Altcoins soon followed.

A few months ago, the crypto industry had won another major legal victory against the SEC thanks to Ripple Labs (and its cryptocurrency XRP). Cryptocurrencies also rose sharply then.

However, this latest ruling does not mean investors can buy a Grayscale spot ETF tomorrow.

Lawyers stated that Grayscale would have to file a new filing for its ETF. But there’s no guarantee it will be approved, despite the court’s decision; the SEC could reject it on other grounds.

Blackrock

Another ETF proposal is that of BlackRock, the largest asset manager in the world. They submitted their application on June 15 and expect a response by mid-September. With many other companies scrambling to get a Bitcoin ETF approved, lawyers now expect the SEC will most likely scramble to impose a 45-day delay, meaning no decision will get taken until mid-October.

I think there’s a pretty reasonable chance that multiple products get approved at once.

Said Jeremy Senderowicz, of law firm Vedder Price.

So it could be a very volatile autumn. Again, a big win for crypto, but the road ahead is treacherous.

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