Below are comments from Greg Moritz, Chief Operating Officer at the crypto Hedge Fund AltTab Capital. The U.S. Court of Appeals for the D.C. Circuit paved the way for bitcoin exchange-traded funds this afternoon, as the court sided with Grayscale in a lawsuit against the Securities and Exchange Commission, which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF. A huge win for Grayscale and the wider crypto industry.
The Grayscale vs SEC Case
“It’s excellent that the judge in the Grayscale vs SEC case was able to see the obvious correlation between Bitcoin futures and spot price. Products like Grayscale’s holdings have converted to ETFs in other commodity markets, and it makes no sense to treat crypto differently. Rules for financial markets need to be based on data, not arbitrary and capricious sentiment toward a legitimate and growing asset class.”