Grayscale Bitcoin ETF Saga: No Ruling in SEC Lawsuit Today
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.
Unfortunately, not today people $GBTC pic.twitter.com/fez0ZBF6ni
— Craig Salm (@CraigSalm) August 18, 2023
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.
Alex DovbnyaHowever, 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.
Our ETF team is hiring. 👀https://t.co/FtM1VM0AcW
— Grayscale (@Grayscale) August 17, 2023
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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Alex Dovbnya
Dan Burgin