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ARTICLE · 22 SEPTEMBER 2023

Bitcoin ETFs Create A Legal Storm

Crowley Law LLC
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In the ever-evolving world of cryptocurrency, a fascinating development is unfolding: the emergence of Exchange-Traded Funds ("ETFs") based on the spot value of Bitcoin – and some ensuing litigation...

United StatesTechnology
Crowley Law LLC
Crowley Law LLC
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Technology can be exciting – sometimes TOO exciting!

In the ever-evolving world of cryptocurrency, a fascinating development is unfolding: the emergence of Exchange-Traded Funds ("ETFs") based on the spot value of Bitcoin – and some ensuing litigation (the TOO exciting part).

A recent ruling by the U.S. Court of Appeals for the District of Columbia suggests that approval of Bitcoin ETFs is in the cards. The court ruled against the U.S. Securities and Exchange Commission ("SEC"), vacating an SEC order that had rejected an application for a Bitcoin-backed ETF, on the grounds that SEC did not adequately explain its reasoning for rejection. The court ordered a re-review of the application; several similar applications are still pending decisions by SEC.

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