Victory

Circuit

<div class="coingape"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">$GBTC becoming a spot ETF is actually bearish for #Bitcoin. Traders can buy GBTC now and sell or short #BTC. Once GBTC becomes an ETF, the discount to NAV goes away. Shareholders could then redeem, forcing GBTC to sell BTC into the market, vastly increasing the tradable supply.</p>  
  <div class="quads-location quads-ad90952 " id="quads-ad90952" style="float:none;text-align:center;padding:0px 0 0px 0;"> 
   <div class="ad1">
    <div class="advertised">
     <span class="ad-placeholder">advertisement</span>
    </div> 
   </div>  
   <div id="my-banner-ad" class="d-inline-block"></div> 
  </div> 
  <p>— <a rel="dofollow" title="Peter Schiff" href="https://thebittimes.com/tag/peter-schiff.html">Peter Schiff</a> (@PeterSchiff) August 29, 2023</p>
 </blockquote> 
 <p></p> 
 <p>&nbsp;</p> 
 <p><span style="font-weight: 400;">When the US SEC initially </span><span style="font-weight: 400;">flagged</span><span style="font-weight: 400;"> Grayscale’s application for the GBTC over-the-counter, the primary concern was the product’s potential vulnerability to “fraudulent and manipulative acts.” Grayscale, a titan in the crypto realm, was not deterred. Challenging the SEC’s rejection in court, the company now celebrates its success.</span></p>  
 <div class="quads-location quads-ad148831 " id="quads-ad148831" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="NewTrendin dsdsd m-on"> 
   <h5> 
    <svg class="inline-block w-5 ml-1 text-black _text-digg-blue" width="34" height="20" xmlns="//www.w3.org/2000/svg" viewbox="0 0 17 17" fill="currentColor"> <path fill-rule="evenodd" d="M12 7a1 1 0 110-2h5a1 1 0 011 1v5a1 1 0 11-2 0V8.414l-4.293 4.293a1 1 0 01-1.414 0L8 10.414l-4.293 4.293a1 1 0 01-1.414-1.414l5-5a1 1 0 011.414 0L11 10.586 14.586 7H12z" clip-rule="evenodd"></path>
    </svg>Recommended Articles </h5> 
   <div class="TrendSList owl-carousel owl-relatedpostar"> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/27/cf35a15cb82cd1ed6fc87ff4ecbfc001.webp">
      <noscript>
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/27/cf35a15cb82cd1ed6fc87ff4ecbfc001.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy">
      </noscript> 
     </div> 
     <h6 class="mb-4"> Crypto Presale Projects For 2023 To Invest; Updated List </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/30/fa6133ad6e87ee1c4776d3849180d46b.webp">
      <noscript>
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/30/fa6133ad6e87ee1c4776d3849180d46b.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" loading="lazy">
      </noscript> 
     </div> 
     <h6 class="mb-4">Best Crypto Trading Bots List 2023</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/27/f88de9f91a8c6b7926f52e209e8f697e.webp">
      <noscript>
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/27/f88de9f91a8c6b7926f52e209e8f697e.webp" alt="ethereum price crypto news" decoding="async" loading="lazy">
      </noscript> 
     </div> 
     <h6 class="mb-4"> Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated] </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/30/e59946958a3ce000f279efb2e1b9c852.webp">
      <noscript>
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/30/e59946958a3ce000f279efb2e1b9c852.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy">
      </noscript> 
     </div> 
     <h6 class="mb-4">Crypto Telegram Channels List 2023 [Updated]</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/28/48cfebc8a0493db9937bed5dd005ee19.webp">
      <noscript>
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/28/48cfebc8a0493db9937bed5dd005ee19.webp" alt="ethereum price crypto news" decoding="async" loading="lazy">
      </noscript> 
     </div> 
     <h6 class="mb-4">Top 10 Web3 Games To Explore In 2023; Here List</h6> <span>Must Read</span> 
    </div> 
   </div> 
  </div> 
 </div> 
 <p><span style="font-weight: 400;">As </span><span style="font-weight: 400;">highlighted</span><span style="font-weight: 400;"> by Coingape, the DC Circuit Court ruled that the SEC’s dismissal of Grayscale’s petition to transition its Bitcoin Trust into an Exchange Traded Fund (ETF) was baseless. The decision was rooted in believing the trust wasn’t adequately equipped to deter deceptive practices.</span></p> 
 <h2 id="b-peter-schiff-s-concern-b"><b>Peter Schiff’s Concern</b></h2> 
 <p><span style="font-weight: 400;">While renowned for his Bitcoin-friendly stance, <a rel="dofollow" title="Peter Schiff" href="https://thebittimes.com/tag/peter-schiff.html">Peter Schiff</a> took to social platform X to express his reservations. Schiff emphasized that the transition of GBTC to a spot Exchange Traded Fund (ETF) could have unforeseen consequences on the Bitcoin market dynamics. Grayscale’s potential new product configuration might introduce volatility or disruptions not previously considered.</span></p>  
 <div class="quads-location quads-ad124348 " id="quads-ad124348" style="float:none;text-align:center;padding:0px 0 0px 0;">   
 </div> 
 <p><span style="font-weight: 400;">On the other hand, Jake Chervinsky, Chief Policy Officer of the Blockchain Association, pointed out that while this court ruling is a significant win, potentially leaving the SEC red-faced, the path to a spot Bitcoin ETF product isn’t completely clear yet.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">1/ Grayscale's victory over the SEC is *massive.*</p> 
  <p>It's very rare for a federal circuit court to find that an agency has violated the APA by acting arbitrarily and capriciously.</p> 
  <p>The DC Circuit just delivered a huge embarrassment for the SEC.</p> 
  <p>But the ETF isn't approved yet 🧵</p> 
  <p>— Jake Chervinsky (@jchervinsky) August 29, 2023</p>
 </blockquote> 
 <p></p> 
 <p>&nbsp;</p> 
 <p><span style="font-weight: 400;">Grayscale, buoyed by its victory, might now face the challenge of proving that its proposed ETF can stand firm against fraudulent activities, meeting regulatory expectations and the broader financial market’s stability needs.</span></p> 
 <p><span style="font-weight: 400;">As </span><span style="font-weight: 400;">Grayscale</span><span style="font-weight: 400;"> pushes forward in its ambitions, the broader crypto community will be watching closely, weighing the benefits of increased access and liquidity against potential market dynamics shifts that Schiff and others caution about.</span></p> 
</div>    
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/grayscale-victory-bearish-for-bitcoin-peter-schiff-tbt60867.html">https://thebittimes.com/grayscale-victory-bearish-for-bitcoin-peter-schiff-tbt60867.html</a></p>

"Grayscale Victory Bearish for Bitcoin"- Peter Schiff

Table of Contents

TheBitTimes

Other articles published on Aug 31, 2023

Machine learning algorithm sets XRP price for September 30, 2023

GBTC Shares Surge 17% After Grayscale's Victory Over SEC

US crypto radio host imprisoned for $650K alpaca farm fraud

Is Ethereum Classic Going to Zero? ETC Price Drops 7% as This New Crypto Project Raises $800,000

Bitcoin miner Canaan reports 33% increase in revenue in Q2

[Partnership] NEOPIN invests in Yooldo and signs partnership agreement

Join our free newsletter for daily crypto updates!