Grayscale prepares for legal battle with SEC over Bitcoin ETF
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Answer Grayscale prepares for legal battle with SEC over Bitcoin ETF
After refusing to convert GBTC into a Bitcoin ETF last month, Grayscale filed a lawsuit against the US Securities and Exchange Commission (SEC).
Grayscale, one of the world’s largest cryptocurrency management companies, conducted a recent question-and-answer session to address investor inquiries about the spot Bitcoin ETF.
The Court of Appeals is currently reviewing Grayscale’s request to review the SEC’s decision.
In the event Grayscale loses at the district court level, it is ready to appeal to the US Supreme Court.
However, another option Grayscale could explore is a hearing.
In the case of a hearing, there will be no random judges making a decision on the case.
Read:How many months does it take Bitcoin to end the bearish momentum?
The entire panel of judges in the DC circuit will take a collective interest in arriving at a final decision.
However, this type of hearing is rare and only occurs when there is a divided decision or no strong justification for the decision.
What is the expected timetable for resolving the case?
The spot bitcoin ETF issue has been going on for years and it seems that the SEC is in no mood to approve this product on the market at the moment.
On the other hand, Grayscale remains determined to bring this product to market.
One of the Q&A questions was what would be the approximate timelines for the legal battle.
In response, she told Grayscale:
We can’t be sure of the timing, but depending on how long federal litigation takes — including submissions, oral arguments and a final court decision — it can usually take anywhere from twelve months to two years, but could be shorter or longer.
No matter how long it takes, we believe the strength of our arguments should lead to a final decision in our favour in the DC’s Circuit Court of Appeals.
Read:Bitcoin price almost stable as trading volume drops, CEL cryptocurrency jumps 30%
The cryptocurrency market has faced a brutal correction this year and the market is likely to come under more scrutiny.
As the market matures over time, the SEC is expected to feel more comfortable approving a spot Bitcoin ETF.
Read also:
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The trading volume reaches its lowest monthly levels with the fluctuation in the price of Bitcoin at the level of 20 thousand dollars
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