In a victory for the cryptocurrency industry, the federal appellate court in Washington, D.C., said this week that the Securities and Exchange Commission was wrong to deny asset management company Grayscale Investments’ petition to create the first spot bitcoin exchange-traded fund.

Now, cryptocurrency lawyers are closely watching for the SEC’s next move: Will the agency finally approve Grayscale’s petition, or continue pushing back against allowing bitcoin to be publicly traded on a U.S. exchange.