The US Court of Appeals Delays Decision on Grayscale’s Bitcoin Trust
The US Court of Appeals has once again delayed its decision on whether Grayscale’s Bitcoin Trust can be converted into a traditional spot Bitcoin ETF. Grayscale’s chief legal officer, Craig Salm, announced this on X on Aug. 22. The delay leaves the status of the Bitcoin spot ETF and other related matters uncertain.
Key Points:
- The DC Circuit has not made a decision on Grayscale’s case, causing further delay.
- This is the third time the ruling has been pushed back this year.
- Grayscale filed a lawsuit against the SEC in June 2022 after their bid for a Bitcoin ETF was rejected.
- Grayscale argues that the SEC’s inconsistency in approach towards investment vehicles for Bitcoin is a central issue in this legal challenge.
- Despite increasing interest and applications for spot Bitcoin ETFs, the SEC has been cautious in approving them for over a decade.
Hot Take: The delay in the US Court of Appeals decision on Grayscale’s Bitcoin Trust reflects the ongoing uncertainty surrounding the regulation of Bitcoin ETFs. Investors and industry players are eagerly awaiting a definitive resolution to provide clarity in the market.
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