The crypto market cheered after a leading asset manager won a legal tussle with US regulators, while the US crypto ETFs could also benefit from the move.
Sentiments have turned positive a day after a major crypto asset manager won a legal battle against US regulators. Several US crypto ETFs are awaiting the Securities and Exchange Commission (SEC) approval. With the recent developments, they could also see green lights from the SEC soon.
A few investment firms could see replies from the Securities and Exchange Commission within early September. Although the legal ruling might not directly impact, it still bodes well for the spot ETFs. The spot ETFs have been a bright spark for the crypto community in the last few months.
Several analysts have expressed their positivity regarding the scenario. A Bloomberg ETF analyst described how the ruling could boost crypto spot ETFs pending with the SEC.
On the other hand, the industry has seen the openness of the SEC towards an Ether Futures ETF. Either way, exchange-traded funds debuting in the US could benefit the market. With approvals from the SEC, other investment firms could also start applying. With better capital inflows, the crypto market could see an upward trend.
The crypto industry celebrated after the court ruling in the crypto asset management firm’s favor. In the next few days, the SEC’s decisions could be the prime trigger for the industry’s strategy with ETFs.