In a Law360 article, asset management counsel Ed Baer and litigation & enforcement partners Amy Jane Longo and Helen Gugel examined how the Grayscale Investments decision may have moved the U.S. closer to permitting bitcoin exchange-traded products as the deadline recently passed for the U.S. Securities and Exchange Commission to appeal a unanimous ruling in which the U.S. Court of Appeals for the D.C. Circuit sided with Grayscale in its effort to overturn the SEC’s rejection of Grayscale’s ETP listing.
The authors explain the court’s order and implications for future spot bitcoin ETP listings. They note that while the prospects for spot bitcoin ETP approvals continue to be an outstanding question, Grayscale's victory appears to have triggered a potential change in the crypto regulatory environment, and there is renewed hope that the 10-year quest for a spot bitcoin ETP is coming to an end.
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