Cryptocurrency News – Cryptocurrency asset manager Grayscale has won a major victory against the US Securities and Exchange Commission.

D.C. In a landmark decision, Circuit Court of Appeals Judge Neomi Rao stated that “the rejection of Grayscale's proposal was arbitrary and capricious because it failed to account for the Commission's disparate treatment of similar products.”

The price of Bitcoin, the largest cryptocurrency, managed to rise above $27,000 after the decision. The leading cryptocurrency reached its intraday high of $27,740 on the Bitstamp exchange. Following the decision, shares of major crypto companies such as Coinbase also rose.

It is worth noting that Grayscale was widely expected to score a win against the SEC following a recent decision in the Ripple case.

The company, led by Michael Sonnenshein, called the decision a “tremendous step forward” for American investors.

Managing expectations

However, as leading ETF expert James Seyffart noted, the decision does not mean that Grayscale's GBTC product will automatically be converted into an ETF. However, the decision could potentially pave the way for the first spot Bitcoin ETF in the US.

Eric Balchunas, another prominent voice in the ETF industry, also said that there are things that need to be “figured out” before an agreement on the spot Bitcoin ETF can be reached.