The crypto world is still reveling after Grayscale's unanimous court victory over the SEC this week. The decision, which saw an appeals court conclude that the SEC's refusal to grant Grayscale a Bitcoin ETF was arbitrary and unfounded, has resulted in a modest jump in crypto prices and no shortage of memes dunking on the SEC's embattled chairman, Gary Gensler.
Everyone agrees the ruling was a much-needed piece of good news for the crypto industry—but what happens next is anyone's guess. For starters, the SEC has a 45-day window to appeal the decision to a larger panel of judges on the same D.C. court or to file an appeal directly to the Supreme Court. In this week's ruling, however, the three judges who issued the decision—including the Obama-appointed chief justice—issued such a sound spanking of the SEC's reasoning that the agency has no obvious grounds for appeal.
