Below is a quote from Alex Adelman, CEO and Co-founder of Lolli, the leading bitcoin rewards application, on the recent ruling for Grayscale against the SEC in a D.C. court.
Grayscale’s Win Against The SEC
“Grayscale’s victory against the SEC in court this week is a milestone for the bitcoin ecosystem and suggests that bitcoin ETF approvals from the regulator may be coming soon. The SEC’s failure to provide clear, transparent explanations for selectively rejecting and approving materially similar bitcoin-based financial products has created frustration and confusion in the industry, while stagnating growth and innovation.
The ruling will put new pressure on the SEC to be transparent in sharing coherent explanations on its approval process, and help pave the way for products that will make bitcoin accessible to mainstream investors. Bitcoin’s price rally on the news suggests that investors are pricing in this development as a vote of confidence in upcoming bitcoin ETF approvals and a stronger, more transparent regulatory environment.
The most recent round of bitcoin ETF applications from leading global institutions like BlackRock and Fidelity has only further demonstrated that demand for bitcoin is growing among top institutions and investors. At the same time, spot bitcoin ETFs have seen accelerated listings in the EU and beyond, demonstrating that now is the time for the U.S. to embrace innovation by making bitcoin available to investors through exchange-based products or risk falling behind global powers that are moving faster to claim this advantage.”
