The price of Bitcoin rose significantly yesterday after the United States Court of Appeals for the DC Circuit sided with Grayscale over the U.S. Securities and Exchange Commission (SEC) in the crypto firm's quest to launch a Bitcoin spot exchange-traded fund (ETF).Specifically, Judge Neomi Rao ordered Grayscale’s petition for review be granted and the SEC’s order to deny the GBTC listing application be vacated. Judge Rao described the denial of Grayscale’s proposal as “arbitrary and capricious” due to the SEC’s failure to explain its different treatment of similar products. However, the order does not guarantee the eventual listing of a Grayscale spot Bitcoin ETF.
