Crypto Market News: In the wake of the recent interest from mainstream players in Bitcoin ETFs, the Grayscale Bitcoin Trust (GBTC) trading volume saw an uptick. Meanwhile, experts suggest that it may not be too long before the U.S. Securities and Exchange Commission (SEC) is forced to approve the Grayscale Bitcoin ETF application. The firm went to court against the SEC over the rejection of Grayscale spot Bitcoin ETF application. The crypto market got a huge boost with the judges in the lawsuit questioning the SEC’s motives in the recently held hearing.
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In March 2023, Grayscale argued before the judges that the SEC had contradicted its own earlier orders about approving the GBTC spot Bitcoin ETF. The SEC representatives were on the receiving end of questioning from the judges over its reasoning to reject the request. In this context, Bloomberg legal analysts believe that Grayscale scored a crucial edge in the hearing, putting the SEC in a spot.
According to Elliott Z. Stein, senior litigation analyst at Bloomberg Intelligence, the firm has a 70% chance of winning the lawsuit against the SEC. He expects that the SEC will be forced to approve the ETF request before the court delivers the decision in August 2023, the same time when Ark Investment Management’s ETF approval decision is pending. After the U.S. SEC rejected the Grayscale application in June 2023, the firm wasted no time to file for a lawsuit challenging the decision.
“The odds increased from 40% after oral arguments, where all three judges on the panel appeared to side with Grayscale, based on their lines of questioning. The SEC and Chair Gary Gensler may be bracing for a loss.”
This explains why the SEC may make the judgment meaningless by approving a spot Bitcoin ETF application before the same time, Stein explained. If and when the ETF is approved, it should make life easy for the likes of Blackrock and Fidelity in their ETF filings.
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