GRAYSCALE WINS ITS LAWSUIT AGAINST THE SEC OVER CONVERTING ITS FUND TO A SPOT BITCOIN ETF

By Nik Hoffman

A federal appeals court has ordered the Securities and Exchange Commission (SEC) to reconsider its decision to reject Grayscale Investments' application to convert its Bitcoin Trust into a spot Bitcoin ETF. The court ruled that the SEC's decision was "arbitrary and capricious" because it did not provide a clear explanation for why it treated Grayscale's application differently from other Bitcoin ETF applications that had been approved.

The ruling is a major victory for Grayscale and for the broader cryptocurrency industry. It could pave the way for the approval of the first spot Bitcoin ETF in the United States, which would make it easier for investors to gain exposure to Bitcoin without having to buy and store the underlying asset themselves.

X (TWITTER) OBTAINS LICENSE TO STORE, TRANSFER, AND TRADE BITCOIN AND CRYPTO

By Nik Hoffman

What is Elon doing? Twitter, aka X, has obtained a license to allow it to store, transfer, and trade digital assets. This license is required by the U.S. government for any company that wants to offer cryptocurrency services to its users. Twitter has not yet announced any specific plans to offer cryptocurrency services, but this license gives it the green light to do so in the future.

Here are some additional details about the license:

• It is called a "Currency Transmitter License" and is issued by the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN).
• It allows Twitter to "receive, hold, transmit, or otherwise transfer funds on behalf of others."
• This includes digital assets such as Bitcoin and Ethereum.

The acquisition of this license is a significant step for Twitter in its efforts to become more involved in the cryptocurrency industry. It remains to be seen what specific cryptocurrency services Twitter will offer in the future, but this license gives it the flexibility to do so.