3 mins readGrayscale, a digital money business, won a lawsuit. The lawsuit was against the U.S. Securities and Exchange Commission (SEC). It was about a Bitcoin application. This win is big for Grayscale.
Grayscale wants to give products and services. They are for individual and big investors. On another note, the SEC made news. It was for its lawsuit against an NFT project. This project was fined $6 million.
Grayscale's Win Against SEC
Grayscale fought the SEC in court due to the SEC denying their application. They wanted to change their Bitcoin Trust product. They hoped to turn it into a Bitcoin spot ETF. This was in June 2022.
The D.C. Circuit Court of Appeals ruled in favor of Grayscale. The court said the "SEC's denial was arbitrary and capricious".
They asked why the Commission treated similar products differently. This ruling could be good for the crypto industry. It could lead the way for bitcoin spot ETFs.
After Grayscale's win, bitcoin's price went up. It reached a record high of $27,740 on Bitstamp. This is a big jump for the digital currency. It has been trying to pass the $20,000 mark for a while.
However, the agency made separate news. They sued an NFT project. This project got fined $6 million. It sold unregistered securities as NFTs. This reminds everyone that SEC watches the crypto industry closely. They take action against lawbreakers.
Shibarium's Big Boost
Besids Bitcoin, Shibarium got a big boost. They're a blockchain start-up for Shiba Inu (SHIB). Their validator node is now open. This is a big milestone for the Shiba Inu ecosystem. BONE holders can now interact with the network in a new way.
As of now, Unification's validator is the largest Shibarium node operator. They have the most staked tokens. The start-up got entrusted with four million BONE. They also self-stake 9,999 tokens for node operation.
Grayscale's Story
Grayscale was started in 2014. It’s one of the biggest digital money managers worldwide. The company currently owns 3.4% of all bitcoin. This is worth tens of billions of dollars.
Its Bitcoin Trust product is quite popular. It gives investors a chance to gain from bitcoin. They can do this without buying and storing the bitcoin themselves.
Final Thoughts
Grayscale's win against the SEC is important. It might make way for bitcoin spot ETFs. Their win made bitcoin's price go up. This is good for investors. Still, the SEC’s NFT lawsuit reminds everyone. The agency watches the crypto industry closely.
Shibarium's big boost is positive for Shiba Inu ecosystem. BONE holders can now interact with the network at a new level. The crypto industry keeps changing. It's important to stay updated with news and developments.
