Bitcoin Jumps as Court Ruling Paves Way for Cryptocurrency E.T.F.
A federal appeals court has ruled that the Securities and Exchange Commission (SEC) improperly denied Grayscale Investments' application to establish a cryptocurrency fund for sale on stock exchanges.
The value of cryptocurrencies surged on Tuesday following a legal triumph for the biggest fund manager in the industry in its ongoing effort to simplify the process for investors to include Bitcoin in their portfolios.
The U.S. Court of Appeals for the D.C. Circuit determined that the Securities and Exchange Commission had unjustly rejected a proposal from the asset manager, Grayscale Investments, to establish a Bitcoin exchange traded fund, labeling the denial as "arbitrary and capricious."
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