The D.C. court decided that the SEC rejected the Bitcoin spot ETF in error. The court granted the petition for review and vacated the commission’s order.
This suggests that the SEC erred in rejecting the application for a spot BTC ETF and that it must be reconsidered.
D.C Court Ruling on Bitcoin
The denial of the spot ETF proposal was labeled “arbitrary and capricious” by the court because the SEC failed to explain why identical products were treated differently.
BTC has risen from $26,000 to $26,800 since the judgment. We are not sure about the timetable, but this should pave the way for a bitcoin ETF.
BTC Has Risen More Than 5%
According to CoinGecko, BTC has risen more than 5% in the last hour, moving from little over $26,000 to a current price of $27,425. Other major cryptocurrencies have seen similar increases in the last hour.
To read our blog on “Within 3 months, Bitcoin miners’ revenue dropped by half,” click here.
