Crypto asset manager Grayscale Investments has won a significant victory in its fight against the US Securities and Exchange Commission (SEC) over the conversion of its Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF). A judge accepted Grayscale’s argument that the SEC’s rejection of its ETF application was unfair. Judge Neomi Rao approved Grayscale’s request for a second review, stating that the SEC did not provide a sufficient explanation for its rejection. However, this win does not guarantee the approval of Grayscale’s Bitcoin ETF, as there are further steps to be taken. Meanwhile, the parent company of “BitBoy Crypto” brand has decided to exclude its public face, Ben Armstrong, due to alleged substance abuse and financial damage. The company has supported Armstrong during his struggle with addiction, but ultimately decided to part ways with him. Armstrong has faced several lawsuits, including a class-action lawsuit where he and other influencers were accused of promoting FTX without disclosing their payment by the exchange. In addition, Armstrong has faced claims that he threatened the plaintiff’s lawyers and disregarded a federal judge’s orders to attend court. The case was put on hold in June. The SEC has also delayed its decision on six applications for spot Bitcoin ETFs in the US, extending its review period by 45 days. This decision has also affected BlackRock, the world’s largest asset manager. Additionally, crypto firm Bitwise has withdrawn its application for a Bitcoin and Ether Market Cap ETF following the SEC’s delay announcement. In other news, Robinhood has purchased 55 million shares previously owned by Sam Bankman-Fried, the former CEO of FTX, for $606m. These shares were initially seized by the US Department of Justice but were later sold back to Robinhood.