Grayscale Wins in Court! SEC is “arbitrary and capricious”.

Grayscale Wins in Court! SEC is “arbitrary and capricious”.
Grayscale sued the SEC last year after its application for a bitcoin ETF was denied.
The SEC has been ordered to reconsider Grayscale Investments’ application to launch a bitcoin ETF after a federal appeals court ruling on August 29th. Coinbase stock rose 14%. The Grayscale Bitcoin Trust (ticker: GBTC) is up over 18% as of now.
Circuit Judge Neomi Rao wrote on behalf of the court composed of three judges, two of whom were appointed by democrats. “The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products.” She is referring to the SEC approving bitcoin future ETFs.
This is just another setback for the SEC led by Gary Gensler. The opinion of this channel is that Mr. Gensler is arbitrary and refuses to work with the business sector. This man characterizes everything wrong with government bureaucracy.
Works Cited:
https://www.wsj.com/finance/regulation/grayscale-wins-lawsuit-against-sec-over-bitcoin-etf-1b305cfa?mod=hp_lead_pos4
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