Grayscale secured a landmark win for the crypto industry and potentially open the door for its first U.S. spot bitcoin exchange-traded fund (ETF) after a federal court Tuesday sided with the world’s largest bitcoin trust and found that the Securities and Exchange Commission (SEC) must review its rejection of Grayscale Investments’ attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF.
Bitcoin broke above the $31,000 level on Friday, continuing its mid-June surge and building on its recent gains fueled by the biggest Wall Street institutions’ filing applications for the first spot Bitcoin ETF in the U.S.
Bitcoin soared past a crucial $30,000 level late Monday evening, reaching the highest level for the first time in 10 months and topping a key resistance zone.
JPMorgan Chase CEO Jamie Dimon ridiculed cryptos as a “complete sideshow” that are useless as “pet rocks” while bashing regulators for beating up on big banks instead of focusing on the growing crypto industry.
President Biden is gearing up to issue an executive action to develop an initial government-wide strategy for digital assets within a matter of days that will put the White House at the central role in dealing with efforts to regulate the $2 trillion booming sector.