Grayscale-SEC Lawsuit: Here's Latest Update
The verdict in the Grayscale-SEC lawsuit is expected soon, but it is unlikely to be announced today, according to Bloomberg Analyst James Seyffart.
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Posted 8/22/2023, 4:04:38 PM
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Crypto traders are eagerly awaiting a ruling on the Grayscale Trust vs SEC case, which may require the SEC to re-review the application for a spot Bitcoin ETF, potentially leading to a 240-day delay.
The US Court of Appeals has once again postponed the decision on Grayscale's Bitcoin Trust's transformation into a spot Bitcoin ETF, leaving the status of the ETF and other related matters in uncertainty.
The U.S. District of Columbia Court of Appeals will soon rule on whether the SEC wrongly rejected Grayscale Investments' application to list a bitcoin exchange-traded fund, which could impact the approval of other bitcoin ETFs.
The SEC's denial of Grayscale's spot Bitcoin ETF application has been reviewed by a judge due to the SEC's failure to provide a coherent explanation, while the SEC also delayed verdicts on several Bitcoin spot market ETF applications, including BlackRock's, causing prices to rally; in other news, Circle's USDC stablecoin has experienced a significant decrease in market cap, SEC Commissioner Hester Peirce criticized the SEC's attempt to bring crypto exchanges under its jurisdiction, a lawsuit against Uniswap was dismissed by a New York judge, StarkWare zeroed all user balances on old wallets, Vivek Ramaswamy celebrated Grayscale's win over the SEC, the SEC delayed its verdict on multiple ETF applications including BlackRock's, and Chinese courts considered cryptocurrencies legal property protected by law.