1 year ago
The pending Grayscale ruling could interaction the contention for an approved spot Bitcoin exchange-traded fund.
Grayscale Investments, which has been seeking to person its Bitcoin (BTC) spot into a spot Bitcoin exchange-traded fund, could beryllium getting a determination connected its suit against the national securities regulator earlier the week’s end.
In an Aug. 11 Twitter post, Scott Johnsson, a wide spouse of Van Buren Capital explained that instrumentality clerks successful the United States District Courts mostly rhythm retired successful August, pushing judges to wide retired the caseload “before the caller defender arrives.”
He noted that 30 retired of 32 cases successful March of 2021 and 2022 were heard by United States District Courts wrong 160 days of oral testimony, which besides landed them successful August, adding that it has besides been 160 days since Grayscale delivered its oral arguments successful its suit against the United States Securities and Exchange Commission connected March 7.
March '21/'22 cases with decisions wrong 160 days of oral: 30/32 (94%)
Days since Grayscale (March '23) oral: 160 days
Why should we expect August? Because instrumentality clerks for DC mostly rhythm in/out this month, truthful judges purpose to wide anterior caseload earlier the caller defender arrives. https://t.co/vVj0dHus90
As of now, including Grayscale, determination are lone a tiny fig of unresolved March-argued cases that remain, Johnsson added.
Meanwhile, Bloomberg expert James Seyffart says the determination could adjacent travel arsenic aboriginal arsenic Aug. 15, noting the day has been his “theoretical Grayscale suit determination date” for immoderate time.
8/15 has been my theoretical Grayscale suit determination day for a portion present but it’s truly conscionable an educated guess. I didn’t adjacent bash elaborate investigation connected the tribunal decisions similar @SGJohnsson did. But I did a small spot of it and besides had convos with @NYCStein astir timelines
— James Seyffart (@JSeyff) August 14, 2023Johnsson added successful his thread that Seyffart’s prediction is simply a “pretty decently bully bet.”
Related: An ETF volition bring a gyration for Bitcoin and different cryptocurrencies
In June 2022, the U.S. Securities and Exchange Commission rejected Grayscale’s application to person its GBTC to a spot Bitcoin ETF.
In response, Grayscale sued the securities regulator, saying it was acting arbitrarily by failing to use accordant attraction to akin concern vehicles.
A fig of manufacture commentators, including ARK Invest's Cathie Wood and ETF expert Nate Geraci person tipped Grayscale to triumph the lawsuit.
A batch of sound retired there, truthful here’s my ceremonial prediction connected spot bitcoin ETF…
First, I deliberation Grayscale wins lawsuit.
Second, combo of Grayscale suit triumph + COIN SSA is capable for SEC support IMO.
In different words, I deliberation we’re getting a spot bitcoin ETF. Like adjacent to 100%.
Grayscale precocious voiced that the SEC should approve each Bitcoin spot ETF applications simultaneously to forestall firms from having an vantage implicit different applicants.
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