The D.C. court ruled that the SEC improperly rejected the Bitcoin spot ETF. The court ordered the petition for review be granted and the commission's order be vacated.
This means the SEC was wrong to reject the application for a spot bitcoin ETF and that it must be reviewed again.
The count called the denial of the spot ETF proposal "arbitrary and capricious" because the SEC failed to explain the different treatment of similar products.
Bitcoin has rallied to $26,800 from $26,000 just before the decision. I'm not entirely sure on the timeline here but this should clear the way for a bitcoin ETF. I highlighted the possibility of this decision coming today.