Grayscale defeats SEC
In a long-anticipated, court case decision, Grayscale won its “Bitcoin ETF” case in a 3-0 vote among judges of the U.S. District Court of Appeals in D.C.
The Court did not mince words about the The Securities and Exchange Commission’s (SEC) efforts – or lack thereof –, “The Commission failed to adequately explain why it approved the listing of two bitcoin futures ETPs (Exchange-Traded Products) but not Grayscale’s proposed bitcoin ETP. In the absence of a coherent explanation, this unlike regulatory treatment of like products is unlawful,” according to CNBC. Read more.
The Commission had been trying to prevent the conversion of Grayscale’s Bitcoin Trust into a Bitcoin Exchange-Traded Fund (ETF). Bloomberg Intelligence analyst James Seyffart tweeted on X about the text from the decision saying, “This is a complete and utter rebuke of all the SEC’s spot Bitcoin ETF denial orders. There is no wiggle room — basically all of the SEC’s arguments are shot down here.”
Seyffart points out that next steps for the SEC and the Biden Administration is to continue to make efforts to scuttle any approval of a Bitcoin ETF by wrapping the SEC argument around custodial inadequacies. Read his Tweet thread.
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Opinion: The Real Reasons the Grayscale Bitcoin ETF Decision Matters – CoinDesk Continue reading “Grayscale Wins ETF Court Case Against SEC; Congress On Biden Administration Crypto Tax Rules”