Good news for the market! Has the SEC stopped being hostile to digital currencies?

On October 13, news broke that the US Securities and Exchange Commission (SEC) is considering a court ruling on Grayscale’s request to establish a Bitcoin exchange-traded fund (ETF). don’t protest

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This news is significant because historically, the SEC has been known to reject all applications for exchange-traded funds (ETFs).

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In August 2023, the court ruled that the rejection of Gary Scale’s application to convert the Bitcoin Trust (GBTC) into a Bitcoin ETF was an arbitrary decision by the SEC. SEC Rejects Gary Scale’s Application for Bitcoin ETF, Despite Approving Bitcoin Futures Funds

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The SEC’s decision not to appeal the court’s ruling actually gives the cryptocurrency community renewed hope. However, the commission still has the right to reject an ETF application.

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If Gary Scale’s ETF application is again denied by the SEC, the company is likely to appeal and this may be reviewed in court.

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Currently, the SEC has several applications pending for Bitcoin ETFs, including those from BlackRock, Fidelity, and Valkyrie.

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The SEC has twice postponed a decision on these requests. However, with this news, the price of Bitcoin temporarily rose above $27,000 and remained unchanged for the past day. The seven-day chart showed that the price of Bitcoin has fallen by nearly 4%.

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