Bitcoin

James

Partner

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/grayscales-bitcoin-etf-decision-will-be-revealed-this-week-heres-what-pro-xrp-lawyer-predicts/">Grayscale’s Bitcoin ETF Decision Will be Revealed This Week: Here’s What Pro XRP Lawyer Predicts</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Grayscale Investments, a company that deals with digital assets, has been trying to change its Bitcoin trust into something called a spot Bitcoin exchange-traded fund (ETF). But the U.S. Securities and Exchange Commission (SEC) said no. Grayscale didn’t agree with the decision, so they sued the SEC. Here’s what you need to know about this important situation:</p> 
<h2 id="the-countdown-to-a-pivotal-decision" data-name="the-countdown-to-a-pivotal-decision" class="wp-block-heading"><strong>The Countdown to a Pivotal Decision</strong></h2> 
<p>Grayscale’s pursuit to convert its Bitcoin trust into a spot Bitcoin ETF has led to a legal battle with the SEC. The decision on this lawsuit could come as early as this week, according to insights from industry experts.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">Be on the lookout today or Friday for a potential decision. This should hopefully give Crypto even more momentum. Even though “arbitrary and capricious” is a high and difficult standard to meet, I’ve always maintained the SEC will lose if someone fought back regarding a spot <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a>… <a href="https://t.co/WEjs7ohHqE" rel="noopener noreferrer nofollow">https://t.co/WEjs7ohHqE</a></p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1691391994981937152?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 15, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<h2 id="timing-insights-from-scott-johnsson" data-name="timing-insights-from-scott-johnsson" class="wp-block-heading"><strong>Timing Insights from Scott Johnsson</strong></h2> 
<p>General Partner of Van Buren Capital, Scott Johnsson, <a href="https://twitter.com/SGJohnsson/status/1691178323399905280" rel="noopener noreferrer nofollow">revealed that</a> U.S. District Courts tend to clear out caseloads in August, as law clerks cycle out. He pointed out that 30 out of 32 cases in March of 2021 and 2022 were heard within 160 days of oral testimony. Considering Grayscale delivered its oral arguments on March 7, the timeline aligns.</p> 
<h3 class="wp-block-heading" id="strong-predictions-from-bloomberg-analyst-james-seyffart-strong"><strong>Predictions from Bloomberg Analyst James Seyffart</strong></h3> 
<p>James Seyffart, a Bloomberg analyst, believes the decision might arrive by Aug. 15. Johnsson supported Seyffart’s prediction, calling it a “pretty decently good bet.”</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">8/15 has been my theoretical Grayscale lawsuit decision date for a while now but it’s really just an educated guess. I didn’t even do detailed analysis on the court decisions like <a href="https://twitter.com/SGJohnsson?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SGJohnsson</a> did. But I did a little bit of it and also had convos with <a href="https://twitter.com/NYCStein?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@NYCStein</a> about timelines</p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1691190095884210176?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 14, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<h2 id="grayscales-stance-and-legal-battle" data-name="grayscales-stance-and-legal-battle" class="wp-block-heading"><strong>Grayscale’s Stance and Legal Battle</strong></h2> 
<p>In June 2022, the SEC rejected Grayscale’s application to convert its GBTC to a spot Bitcoin ETF, sparking Grayscale to sue the regulator. They accused the SEC of acting arbitrarily, failing to apply consistent treatment to similar investment vehicles.</p> 
<h2 id="industry-support-for-grayscale" data-name="industry-support-for-grayscale" class="wp-block-heading"><strong>Industry Support for Grayscale</strong></h2> 
<p>Notably, Grayscale has found backing from industry commentators, including ARK Invest’s Cathie Wood and ETF analyst Nate Geraci, who have tipped Grayscale to win the lawsuit.</p> 
<p>Grayscale has recently voiced that the SEC should approve all Bitcoin spot ETF applications simultaneously to prevent firms from having an advantage over other applicants, further complicating the scenario.</p> 
<p>One thing is certain: this decision will be one for the history books, either opening a new chapter for Bitcoin ETFs in the U.S. or leaving the industry to grapple with its implications.</p>

Grayscale’s Bitcoin ETF Decision Will be Revealed This Week: Here’s What Pro XRP Lawyer Predicts

Table of Contents

CoinPedia News

Other articles published on Aug 15, 2023

The Enigmatic Stellar Lumens: A Meandering Cryptocurrency in Search of Purpose

Bitcoin Attracts $27 Million in Inflows, Outshining Other Digital Assets: CoinShares Report

Sei Announces $SEI Tokenomics, with 300M $SEI Allocated to Season 1 of Airdrops

Industry must look past the arbitrary buying and selling of pixels | Opinion

The Genesis Of Bitcoin: What Could Shiba Inu & Big Eyes Infinity Learn From The Most Valuable Crypto

Dubai AI and Web3 Campus Introduces 90% Licensing Subsidiy for Tech Startups

Join our free newsletter for daily crypto updates!