The U.S. Court of Appeals, in rebuking the securities watchdog, shows that Securities and Exchange Commission Chair Gary Gensler won’t get the last word on crypto.
The U.S. is one step closer to having a spot market bitcoin exchange-traded fund , the holy grail of white glove crypto financial products. On Tuesday, a three-judge panel for the U.S. Court of Appeals delivered a crushing interpretation of the Securities and Exchange Commission’s logic for denying an ETF,That’s what crypto folk have been saying for years!
Crypto is salivating not only over the court’s pro-ETF ruling, but anti-SEC comments. The top U.S. securities regulator fell “short of the standard,” made “unexplained” calls and “failed to adequately explain” its argument. In particular, the SEC didn’t make a good enough case for approving some bitcoin-related exchange-traded products , and not others.
And so what happened today is important for two big reasons. First, ETFs are important because it increases the number of people who can invest in crypto by providing a more traditional and regulated pathway. There’s potentially billions of dollars of capital sitting on the sidelines that would trade bitcoin if it could be traded through familiar stock exchanges.
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