Initial enthusiasm in the crypto community about the victory was tempered by the understanding of the limits of the court’s decision.
scored a major victory
against the United States Securities and Exchange Commission in its efforts to convert its over-the-counter Grayscale Bitcoin Trust into a listed Bitcoin exchange-traded fund . The U.S. Court of Appeals Circuit Judge Neomi Rao ordered Grayscale’s petition for review be granted and the SEC’s order to deny the GBTC listing application be vacated. Previously, Rao said that the SEC did not “offer any explanation” as to why Grayscale was in the wrong.
Initial enthusiasm in the crypto community about the victory was tempered by the understanding of the. “So far, every time they lose in court they just shamelessly say the judge got it wrong and pursue more shenanigans,” Delphi Labs general counsel Gabriel Shapiro said.
The SEC has accused Impact Theory — a media and entertainment company headquartered in Los Angeles — of engaging in unregistered securities transactions by selling nonfungible tokens to investors from October to December 2021. Allegedly, it raised almost $30 million through the sales of NFTs it called Founder’s Keys, which were offered in three tiers. The company “encouraged potential investors to view the purchase of a Founder’s Key as an investment into the business,” according to the SEC.
The “Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case” report acknowledged that virtual assets have economic attributes and thus can be classified as property. Although China has deemed all foreign digital assets illegal by imposing a blanket ban, the report argues that virtual assets held by individuals should be considered legal and protected by law under the current policy framework.
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