A U.S. federal court has approved cryptocurrency fund Grayscale Investments to launch the first bitcoin ETF in the United States, a watershed moment for the cryptocurrency industry as it seeks to raise billions of dollars from everyday investors.
On Tuesday, a three-judge appeals panel in Washington overturned the SEC’s decision to block the ETF.
The court called the rejection of Grayscale’s proposal arbitrary and capricious because the SEC failed to explain the different treatment of similar products.