Asset management company Bernstein evaluated the outcome of the Grayscale lawsuit and its potential effects on the markets in a report published on Tuesday. The report suggests that Grayscale’s victory in the SEC case could increase the chances of approval for Spot Bitcoin ETF applications by the U.S. Securities and Exchange Commission (SEC). Bernstein analysts stated that winning the case could be a turning point for the crypto ecosystem.
Potential Effects of the Grayscale Lawsuit
Following the announcement of Grayscale’s victory in the SEC case, the cryptocurrency market initiated a strong rally. Bitcoin (BTC), the leading cryptocurrency, managed to surpass the $28,000 price level within hours of the announcement.
Most altcoins in the cryptocurrency market experienced significant value increases in the last 24 hours. Additionally, alongside the market surge, Coinbase Global Inc (COIN) shares also recorded an average increase of 15%.
As the effects of the Grayscale lawsuit continue, global asset management company Bernstein published a report on Tuesday evaluating the outcome of the lawsuit and its potential effects on the markets. The report suggests that the lawsuit’s outcome increases the chances of Spot Bitcoin ETFs obtaining approval from the SEC.
Will the SEC Give Green Light to Spot Bitcoin ETFs?
In a research report published on Tuesday, global asset management company Bernstein evaluated the outcome of the Grayscale lawsuit and its potential effects on the markets. The report suggests that Grayscale’s victory increases the chances of Spot Bitcoin ETFs obtaining approval from the U.S. Securities and Exchange Commission (SEC). The report also indicates that Grayscale’s win in the SEC case, following the Ripple-SEC case decision in mid-July, could be a second milestone for the crypto ecosystem.
Bernstein analysts, who assessed the potential effects of the Grayscale lawsuit on the markets, claimed that the court’s decision in favor of Grayscale opens the path for Spot Bitcoin ETFs. According to Bernstein analysts, winning the SEC case significantly increases the likelihood of Spot Bitcoin ETFs obtaining approval from the SEC.
