Grayscale Investments LLC, one of the world's largest crypto asset managers, has secured an unexpected court win against SEC. A three-judge panel in DC's Court of Appeals in Washington ruled that the SEC's denial of Grayscale's proposal was "arbitrary & capricious" in that the SEC failed to explain the difference in treatment between spot bitcoin ETFs & futures bitcoin ETFs.

The landmark ruling is believed to be a boon to an industry fraught with regulatory uncertainty. Grayscale—said to be the equivalent of a crypto Goldman Sachs for large OTC trades—could pave the way for future decisions that favor the first Bitcoin ETF or any product of its kind. Moreover, the court ruling may have set a new trajectory for bitcoin, creating the foundation for the next wave of financial products built on the original crypto asset.