With a US court ruling, cryptocurrencies turn the corner

<a href="https://www.cnbc.com/2023/08/29/first-bitcoin-etf-could-be-coming-soon-as-court-rules-in-favor-of-grayscale-over-sec.html" rel="noopener ugc nofollow" target="_blank">A US appeal court’s decision to uphold Grayscale Investments’ lawsuit against the Securities and Exchange Commission (SEC)</a> after it denied the company’s application to convert the Grayscale Bitcoin Trust to an exchange-traded fund (ETF) paves the way for the creation of bitcoin ETFs, a milestone in the evolution of cryptocurrencies as the money of the future. It’s also prompted <a href="https://edition.cnn.com/2023/08/29/investing/bitcoin-etf-grayscale-crypto/index.html" rel="noopener ugc nofollow" target="_blank">a surge in crypto trading</a>. <a href="https://en.wikipedia.org/wiki/Grayscale_Investments" rel="noopener ugc nofollow" target="_blank">Grayscale Investments</a> set up a bitcoin <a href="https://en.wikipedia.org/wiki/Exchange-traded_fund" rel="noopener ugc nofollow" target="_blank">ETF</a> in 2015, but withdrew it after warnings from the SEC. Now, <a href="https://www.bloomberg.com/news/articles/2023-08-29/bitcoin-crypto-stocks-jump-after-us-court-paves-way-for-etf#xj4y7vzkg" rel="noopener ugc nofollow" target="_blank">the Washington D.C. circuit U.S. Appeals Court ruling means that bitcoin ETFs could soon be traded through a traditional stock exchange</a>. That said, it is considered highly unlikely that the SEC will appeal to the Supreme Court. How important are ETFs in the cryptocurrency environment? Very important, because the fact that <a href="https://www.bloomberg.com/news/articles/2023-07-03/blackrock-s-bitcoin-etf-application-is-refiled-by-nasdaq-to-sec" rel="noopener ugc nofollow" target="_blank">an investment fund offers them to its clients</a> means that those clients can invest in cryptocurrencies through the investment fund’s management company. In practice, this is a major endorsement of cryptocurrencies: if a major investment fund sets up a bitcoin ETF in bitcoins or ether and offers it to its clients, those investors will have greater confidence in what is still regarded as a volatile financial product. <a href="https://medium.com/coinmonks/with-a-us-court-ruling-cryptocurrencies-turn-the-corner-fceac2d1c6a2">Learn More</a>