Grayscale Wins Case Against SEC, Bitcoin Rallies
CryptoPress
- Grayscale wins lawsuit against SEC
- Court rules in favor of Grayscale’s conversion of GBTC to an ETF
- Bitcoin rallies 5% on the news
- XDC Network’s native XDC gains 19%
Grayscale Investments, a leading crypto investment firm, has won a lawsuit against the Securities and Exchange Commission (SEC) in the United States. The Washington, D.C., Circuit Court ruled in favor of Grayscale in its lawsuit challenging the SEC’s decision to disallow the conversion of Grayscale Bitcoin Trust (GBTC) to an exchange-traded fund (ETF). This decision is expected to have potential ramifications for the door to such vehicles being thrown open.
Bitcoin quickly shot up 5% from $26K to above $27K on the news. The XDC Network also saw a surge in its native XDC, which gained 19% since this time yesterday. The 45th-largest digital asset seems to be surging on the back of recent momentum tied to this past weekend’s XDC Blockchain Innovation Conference, showcasing the strides that the network, billed as an EVM-compatible chain with enforceable smart contracts, has taken trying to digitally transform trade finance.
Trade finance is a relatively sizable institutional asset class that comprises a rich tapestry of collaborative use cases involving banks, investors, importers, exporters, goods, crops, raw materials, freighters, containers, and an array of participant risk mitigation strategies.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
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