Court Rules SEC Must Review Grayscale's Bitcoin ETF Bid; Francis Suarez Ends Presidential Campaign

Gray scale legal victory and a Bitcoin advocate drops out of the presidential primary. You're watching Coin Desk Daily, I'm your host, Jenna Francis Suarez has announced he is suspending his campaign for president. The Bitcoin friendly mayor from Miami is the first Republican primary candidate to drop out of the race. It comes after underperforming in the polls and failing to make the stage at the first primary debate last week. Let's now take a look at the markets. The coin desk, Bitcoin price XX index is currently nearing $28,000. The markets reacting after a federal court ruled that the SEC must review its rejection of grace skill attempt to convert the gray scale Bitcoin Trust into an ETF, a spokesperson for the SEC told Coin Desk it was quote, reviewing the court's decision to determine next steps and quote gray scale filed an appeal against the SEC back in 2021 after the agency rejected the application. The court decision could mean the US is one step closer to getting its first spot. Bitcoin ETF gray scale is a unit of digital currency group which is also the parent company of Coin Desk meantime, DC G has reached a crucial in principle deal with Genesis creditors. According to a court filing, the plan could result in recoveries of up to 90%. The lending arm of Genesis halted withdrawals in November after f collapse and filed for bankruptcy in January DC G released a statement saying in part, quote, we look forward to executing on this important milestone and for Genesis to begin its distributions to creditors and quote a new secret court filing has some wondering whether more bad news is about to hit Binance. On Monday, the SEC submitted a sealed motion including more than 35 exhibits a declaration from an SEC trial attorney and a proposed order. The SEC in June sued Binance on allegations of violating federal securities laws. A spokesperson for Binance did not immediately respond to a request for comment. All seven of Sam Baman Fried's proposed expert witnesses should be disqualified from testifying. That's the latest push from Doj prosecutors in a Monday filing, prosecutors say disclosure filings are insufficient witness experience may be misleading or testimony may not be relevant. Meanwhile, the FTX founder team wants to exclude a financial analysis expert proposed by the DOJ SPF goes on trial for fraud and conspiracy charges in early October. That's a wrap for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.