Breaking: Grayscale wins SEC lawsuit

Bitcoin and the broader cryptocurrency market rose sharply on the news.

Crypto asset manager Grayscale Bitcoin Trust (GBTC) has scored a major victory against the U.S. Securities and Exchange Commission in its efforts to convert its over-the-counter GBTC application into a listed Bitcoin ETF.

According to August 29 court filings, U.S. Court of Appeals Circuit Judge Neomi Rao ordered that Grayscale’s petition for review be granted and for the SEC’s order to deny the GBTC listing application to be vacated. Previously, Judge Rao said that the SEC did not “offer any explanation” as to why Grayscale was in the wrong. However, the order does not guarantee the listing of a Grayscale spot Bitcoin ETF.

This is a breaking news story, and further information will be added as it becomes available.