The D.C. Circuit Court of Appeals has once again delayed its ruling on Grayscale’s Spot Bitcoin ETF lawsuit against the SEC.
– The court failed to make a decision on August 22, following two previous delays on August 15 and 18.
– Grayscale’s lawsuit dates back to last year when the company tried to convert its $20 billion Grayscale Bitcoin Trust to a Spot Bitcoin ETF, which was rejected by the SEC.
– Grayscale argues that Spot Bitcoin ETFs should be approved like Bitcoin futures ETFs, as they pose the same risk of fraud and manipulation.
– A verdict in favor of Grayscale could potentially force the SEC to approve a Spot Bitcoin ETF, opening up direct access to crypto assets for institutional investors.
– This would greatly benefit the crypto industry and could further drive mass adoption of cryptocurrencies.
Hot Take:
The repeated delays in the ruling on Grayscale’s Spot Bitcoin ETF lawsuit against the SEC indicate the complexity and significance of the case. If Grayscale succeeds in convincing the court and the SEC to approve a Spot Bitcoin ETF, it could be a game changer for the crypto industry. Institutional investors would have direct access to crypto assets, leading to increased adoption and potentially driving up prices. However, it remains to be seen when the court will finally make a decision on this highly anticipated case.
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