Will Greyscale's victory against the SEC really open the door to ETFs?

Grayscale Investments won it's lawsuit against the SEC. The Court of Appeals in Washington D.C. ruled that the SEC's reason for denying Greyscale's SEC was unreasonable.

The SEC had previously approved futures ETFs but had denied Greyscale's spot ETF on the grounds that it was easier to manipulate spot markets than futures markets. The courts threw this out as silly. (In the real world everyone knows futures markets are easier to manipulate than spot markets).

Does this mean spot ETFs will get approved?

Not quite, it just means the SEC can't use this particular excuse to reject ETFs.

Greyscale will re-submit it's ETF application, and there are another 7 ETFs awaiting approval. The SEC will then either have to come up with another excuse to deny spot ETFs, or it will try to delay decisions till after the November 2024 presidential election.

My belief is that they'll delay and leave it to the next administration, whoever that is.