Grayscale's big win against the SEC this week is a significant milestone for bitcoiners, but perhaps not enough to shake the summer lethargy out of investors. On Tuesday the U.S. Court of Appeals for the D.C. Circuit ruled that the Securities and Exchange Commission was wrong to deny crypto investment giant Grayscale permission to convert its popular bitcoin trust, known by its ticker GBTC, into an ETF.
Yet the SEC's commitment to regulation by enforcement under Gensler, rather than laying out clear rules, has left companies struggling and hindered new bitcoin investors. "What do we need next? Legislation and regulation," Edelman added. "That is the key to broad adoption by financial institutions as well as the investment advisory field. Having the ETF in place will accelerate their engagement.