
The post Bitcoin Spot ETF Approval Still Uncertain Despite Grayscale Ruling appeared first on Coinpedia Fintech News
The potential for a spot Bitcoin ETF in the U.S. has grown after a federal court directed the SEC to reconsider its prior refusal of Grayscale’s bid. Yet, as the financial world eagerly anticipates this shift, some experts counsel caution, emphasizing that the ruling doesn’t guarantee approval.
A Unique Look at Grayscale’s Bid
While Grayscale has secured another chance for the SEC to revisit their application, it doesn’t inherently signify the definite listing of a spot Bitcoin ETF. According to a report by CoinDesk, Matteo Greco, a notable analyst at Fineqia International, remarked that the judge felt the grounds for rejection lacked justification. However, Greco stressed that final determinations regarding Grayscale’s listing prospects are still pending.
Positive though the recent developments may be, several market facets might influence the eventual outcome. Greco highlighted that approximately 2.5 million bitcoins currently represent short-term losses. This factor, coupled with a stagnating digital asset market, could pose challenges. Centralized exchanges experienced a marked decline in trading volume in August, clocking in at roughly $400 billion, a low unseen since December 2020.
The Legal Tango Continues
The latest court instruction doesn’t definitively pave the way for the U.S.’s inaugural bitcoin ETF. Regardless, it echoes a growing legal tussle between regulatory bodies and digital asset stakeholders. CoinDesk says Guilhem Chaumont, the brains behind trading firm Flowdesk, observed this as a potential initial step toward increased regulatory acceptance in the U.S., despite not being the absolute resolution of the matter.
It’s vital to note the crypto market’s positive reaction to the Grayscale news. Bitcoin, for instance, has benefited the most, now trading favorably at $27,400.
The unfolding situation around Grayscale’s potential spot Bitcoin ETF offers a blend of optimism and caution. While the court’s decision marks a significant milestone, it is clear that numerous challenges and decisions lie ahead before any firm conclusion is reached.
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