The eagerly awaited verdict in the Grayscale lawsuit against the Securities and Exchange Commission (SEC) is expected very soon.
Some speculated that the decision would be made today, Aug. 22. Earlier this afternoon, Bloomberg Analyst James Seyffart asked his X followers if they were ready for a Grayscale v. SEC ruling.
Today doesn't look to be the day... come back friday for more hype and zero results. https://t.co/cqehgH8EIJ— James Seyffart (@JSeyff) August 22, 2023
However, given the current state of things, it does not appear that a ruling from the U.S. Court of Appeals on Grayscale's litigation with the SEC over converting its fund to a spot Bitcoin ETF is likely today.
The United States Court of Appeals for the D.C. Circuit has yet to rule on the Grayscale v. SEC case; James Seyffart called attention to this in a tweet.
Soon after tweeting about the decision's expectations, Seyffart responded with feedback for his X followers by providing a screenshot of the U.S. Court of Appeals website.
"No opinions released on 8/22/2023" appears prominently on the page.
Seyffart commented that although he was not 100% certain if that was the update, "the website says no opinions released today."
"Today doesn't look to be the day. Come back Friday for more hype and zero results," Seyffart added, hinting that Friday might be another day to be on the lookout.
As expectations linger, ironic comments have been made, with some stating that since announcements are made twice a week, one should anticipate "potentially useless" updates on the decision on Friday.
Following the SEC's refusal to allow Grayscale to convert the Grayscale Bitcoin Trust (CBTC) into a spot Bitcoin ETF, Grayscale sued the U.S. regulator in June. Since 2013, the SEC has denied every application for a Bitcoin ETF that it has received, citing concerns about market manipulation.
If Grayscale prevails in its legal battle, the SEC might be forced to reconsider its stance if a judge finds the SEC's justifications for its decision to be insufficient.