Crypto community gloats over grayscale decision, but uncertainty remains

The court's ruling that the SEC must review Grayscale's bitcoin spot ETF application is good news for crypto, but perhaps- not be as impactful as some hoped.< /p> News Join us on social networks

The crypto community received the decision it was hoping for when the District of Columbia Circuit Court of Appeals ruled on Grayscale Investments' Bitcoin spot ETF application. The rejection of the application by the United States Securities and Exchange Commission (SEC) has been reversed.

The decision was “a massacre of SEC arguments,” Cinneamhain Ventures founder Adam Cochran said on X (formerly Twitter). “It changes everything. It's time to pay attention again," added influencer Miles Deutscher.

The initial enthusiasm was tempered by the understanding that the decision was limited in scope and that the SEC had options for next steps. Grayscale released a statement in which Chief Legal Officer Craig Salm said:

"We appreciate the D.C. Circuit's opinion acknowledging that this case raises a simple question about equal treatment under the law."

This more sober assessment gained traction as analysts considered more of the ingenuity of the SEC.

“Gary Gensler and his team discuss how this can become a political victory. [...] Will Gensler graciously accept defeat or explain how these 3 judges got it wrong? asked crypto attorney John Deaton.

Related: