For over a decade, regulatory approval for ETFs that track bitcoin’s spot price has been elusive. This changed following a pivotal court decision in favor of Grayscale Investments against the SEC. The narrative began in 2013 when the Winklevoss twins, founders of the Gemini crypto exchange, proposed the first such fund. In a significant move, BlackRock, the world’s leading asset management firm, applied for a bitcoin ETF in June 2023. The turning point came when a federal appeals court reversed the SEC’s denial of Grayscale’s bid to transform its bitcoin trust into a bona fide ETF, criticizing the SEC’s rejection as baseless. Previously, in 2021, the SEC had allowed ETFs betting on bitcoin futures, which, however, do not directly influence the bitcoin market. SEC Chair Gary Gensler under
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