Just in: Will the SEC finally approve Grayscale Bitcoin ETFs?
Grayscale Bitcoin SEC case. Grayscale’s efforts to convert its Bitcoin fund into a spot-based ETF has been a long struggle. Grayscale’s request to convert into a spot Bitcoin ETF was denied by the US Securities and Exchanges Commission in June 2022. The company then sued the agency. The case could be crucial in driving market sentiment for cryptocurrencies in the context of ongoing SEC actions against crypto-based businesses.
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Grayscale management expects a decision on the spot Bitcoin ETF decision by Fall 2023. The company seems to have placed all its hopes on the lawsuit against SEC. Grayscale Bitcoin trust (GBTC), which is the largest such Bitcoin fund worldwide, could see a minor victory for the crypto community. The SEC Grayscale case is set to get under way soon as arguments are scheduled to be heard in court beginning in March 2023.
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Grayscale CEO Michael Sonnenshein spoke to Yahoo News Monday about the company’s plan for the case.
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