Price of crypto token shoots higher after regulator’s decision to reject application found to be ‘arbitrary’
The decision puts major pressure on Gary Gensler, the SEC chair, who has issuedagainst crypto industry players this year. The regulator has cases pending against Nasdaq-listed crypto exchange Coinbase as well as Binance, the largest crypto exchange in the world.
“The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products,” Judge Neomi Rao wrote for a three-judge panel on the District of Columbia Circuit Court of Appeals, which vacated the SEC’s decision to block the spot ETF.
Despite the SEC’s tough stance on the industry, demand for a spot bitcoin ETF has grown, and more traditional players have attempted to break into the sector. The SEC is considering a half-dozen other proposals to launch spot bitcoin ETFs from BlackRock, WisdomTree and Fidelity, among others.
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