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

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

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.

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.

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

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%.