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Grayscale Bitcoin ETF Saga: No Ruling in SEC Lawsuit Today

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Fri, 18/08/2023 - 17:00
Grayscale Bitcoin ETF Saga: No Ruling in SEC Lawsuit Today
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The global cryptocurrency community must wait some more days before the U.S. Court of Appeals will be ready to decide on whether Grayscale can convert its Bitcoin Trust into the first-ever full-fledged exchange-traded fund (ETF).

No decision on Grayscale v. SEC case today

The U.S. Court of Appeals for District of Columbia Circuit yet again failed to come up with a ruling on the Grayscale v. U.S. SEC case. Such a statement was made by Grayscale's chief legal officer Craig Salm on Twitter earlier today.

As covered by U.Today previously, the decision was expected to be announced three days ago, on Aug. 15, based on the typical term for such cases.

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However, commentators expect the verdict to be out on Tuesday, Aug. 22, at the earliest. Some of them even commented ironically that there is no need to make these "useless" announcements twice a week.

In June 2022, Grayscale took America's financial regulator, the SEC, to court, following its vocal failure to greenlight the reintroduction of Grayscale Bitcoin Trust (GBTC), a flagship Grayscale product, into the first spot Bitcoin ETF.

Right now, a variety of asset management teams are awaiting approval for their Bitcoin and Ethereum exchange-traded fund proposals.

Grayscale awaits Bitcoin ETF approval with fresh blood

In the past week, the price of the GBTC share dropped from $20.12 to $17.64, losing over 12.3% amid a painful recession and regulatory uncertainty on Bitcoin (BTC) markets.

At the same time, the Grayscale team is highly optimistic about its prospects in its legal battle with the U.S. SEC. The asset management giant is hiring a senior associate for its ETF unit.

The ideal candidate for the role should have at least five years of experience as an ETF issuer/asset manager or in ETF trading, while a blockchain background is a plus.

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