Grayscale Vs SEC Verdict Delayed for Second Time
The crypto world waits with bated breath as the DC Court of Appeals once again postpones its decision in Grayscale vs. SEC, a lawsuit that holds the potential to reshape the cryptocurrency market. Eleanor Terrett, a Fox Business journalist, reported that no decision was made on Friday, 18th August, and the next possible announcement date is slated for Tuesday, August 22.
Will Grayscale Win The Case?
This is the second delay in the much-anticipated verdict, with eager investors and industry experts alike wondering how this decision might impact the crypto ecosystem.
In a lawsuit that has captured the financial world’s attention, Grayscale Investments is challenging the U.S. Securities and Exchange Commission’s (SEC) decision to reject its Bitcoin trust ETF application. In a March 2023 hearing, Grayscale argued that the SEC’s decision contradicted its previous orders regarding approving the GBTC spot Bitcoin ETF.
The SEC representatives were under intense scrutiny from the judges over their reasoning for the rejection. Notably, legal analysts from Bloomberg believe that Grayscale has a strong case, with a 70% chance of winning the lawsuit.
Another reason we give spot bitcoin ETF approval 50% chance is our senior legal analyst @NYCStein gives Grayscale a 70% chance of winning case against SEC, who could approve BlackRock's ETF as way to save face using trusted 'adult' TradFi cos & stick it to Grayscale via @JSeyff pic.twitter.com/pHydOcpuQo
— Eric Balchunas (@EricBalchunas) June 27, 2023
Anticipation Builds as Grayscale Expands ETF Team
As the decision looms, Grayscale Investments wastes no time preparing for a potentially favorable outcome. The company announced via Twitter that it is expanding its ETF team and is actively hiring a product specialist and senior associate to assist its ETF operations.
These positions were allegedly posted within the last week and have attracted over 50 applications. The expansion of Grayscale’s ETF team demonstrates the company’s confidence in a positive outcome and highlights the company’s readiness to hit the ground running once a decision is reached.
Bitcoin ETF is a Game Changer for Crypto Market
The verdict could have far-reaching consequences for the cryptocurrency landscape, as approval of Grayscale’s Bitcoin ETF would pave the way for directly trading crypto assets on established financial platforms. The SEC had previously approved the launch of several Bitcoin futures ETFs, but Grayscale’s proposal faced multiple rejections.
The market received a boost from the judges’ questioning of the SEC’s motives during the lawsuit hearing, and experts suggest that it may not be long before the SEC is forced to approve Grayscale’s Bitcoin ETF application.
The stakes are high for Grayscale and the cryptocurrency industry. A favorable ruling could usher in a new era for crypto assets, bolstering their position within the conventional financial market and potentially unlocking significant growth opportunities. As the market awaits the decision, investors can only hope that the Tuesday expectations finally yield the verdict they have eagerly anticipated.
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