Today, no definitive resolution has emerged concerning the eagerly awaited legal dispute between Grayscale and the US Securities and Exchange Commission (SEC).
The conjectures of numerous Bloomberg analysts and legal authorities regarding the outcome of Grayscale’s legal battle to reconfigure its Bitcoin trust (GBTC) into an exchange-traded fund (ETF) focused on spot Bitcoin were projected to culminate by this week’s conclusion.
In June 2022, the SEC turned down Grayscale’s bid to modify GBTC into a spot BTC ETF, prompting the company to subsequently file a lawsuit against the regulatory body.
While the SEC evaluates several applications for spot Bitcoin ETFs, spearheaded by BlackRock, Grayscale’s petition stands apart for its aspiration to transition an already established BTC-centric financial product into a novel entity.
The cryptocurrency market is keenly awaiting the potential green light from the SEC to greenlight multiple spot BTC ETFs concurrently, a development of substantial significance.
Notably, Grayscale made public yesterday its pursuit of a senior assistant specialist for its ETF team, as announced through a recent job posting.
In his statement, Bloomberg’s ETF expert, James Seyffart, remarked:
“Unfortunately, today is not that day. There is no decision in the Grayscale vs SEC case regarding the conversion of GBTC to Bitcoin ETF.”
Seyffart pointed to next Tuesday as the next day when a decision is expected.
UPDATE: Unfortunately today is not the day either. No decision on u/Grayscale vs u/SECGov case for converting $GBTC into a #Bitcoin ETF. Come back next Tuesday for more potentially useless updates! https://t.co/RdbwNy1nSM — James Seyffart (@JSeyff) August 18, 2023
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