Bitcoin jumps as Grayscale wins lawsuit against the SEC

<p>The D.C. court ruled that the SEC improperly rejected the Bitcoin spot ETF. The court ordered the petition for review be granted and the commission's order be vacated.</p><p>This means the SEC was wrong to reject the application for a spot bitcoin ETF and that it must be reviewed again.</p><p>The count called the denial of the spot ETF proposal "arbitrary and capricious" because the SEC failed to explain the different treatment of similar products.</p><p>Bitcoin has rallied to $26,800 from $26,000 just before the decision. I'm not entirely sure on the timeline here but this should clear the way for a bitcoin ETF. I <a href="https://www.forexlive.com/news/bitcoin-flat-as-eyes-remain-on-sec-case-decision-could-it-be-today-20230829/" target="_blank" rel="follow">highlighted </a>the possibility of this decision coming today.</p>

This article was written by Adam Button at www.forexlive.com.