Grayscale Bitcoin ETF decision could happen this week, say pundits

Grayscale Investments, which has been looking for to transform its Bitcoin (BTC) belief right into a spot Bitcoin exchange-traded fund, might be getting a call on its lawsuit towards the federal securities regulator earlier than the week’s finish.

In an Aug. 11 Twitter put up, Scott Johnsson, a basic accomplice of Van Buren Capital defined that legislation clerks in the US District Courts typically cycle out in August, pushing judges to filter out the caseload “earlier than the brand new guard arrives.”

He noted that 30 out of 32 circumstances in March of 2021 and 2022 had been heard by United States District Courts inside 160 days of oral testimony, which additionally landed them in August, including that it has additionally been 160 days since Grayscale delivered its oral arguments in its suit towards the US Securities and Trade Fee on March 7.

March ’21/’22 circumstances with selections inside 160 days of oral: 30/32 (94%)

Days since Grayscale (March ’23) oral: 160 days

Why ought to we count on August? As a result of legislation clerks for DC typically cycle in/out this month, so judges intention to clear prior caseload earlier than the brand new guard arrives. https://t.co/vVj0dHus90

— Scott Johnsson (@SGJohnsson) August 14, 2023

As of now, together with Grayscale, there are solely a small variety of unresolved March-argued circumstances that stay, Johnsson added.

In the meantime, Bloomberg analyst James Seyffart says the choice might even come as early as Aug. 15, noting the date has been his “theoretical Grayscale lawsuit determination date” for a while.

8/15 has been my theoretical Grayscale lawsuit determination date for some time now nevertheless it’s actually simply an informed guess. I didn’t even do detailed evaluation on the court docket selections like @SGJohnsson did. However I did slightly little bit of it and in addition had convos with @NYCStein about timelines

— James Seyffart (@JSeyff) August 14, 2023

Johnsson added in his thread that Seyffart’s prediction is a “fairly decently good wager.”

Associated: An ETF will bring a revolution for Bitcoin and other cryptocurrencies

In June 2022, the U.S. Securities and Trade Fee rejected Grayscale’s application to transform its GBTC to a spot Bitcoin ETF.

In response, Grayscale sued the securities regulator, saying it was performing arbitrarily by failing to use constant remedy to related funding automobiles.

A variety of business commentators, together with ARK Make investments’s Cathie Wooden and ETF analyst Nate Geraci have tipped Grayscale to win the lawsuit. 

A number of noise on the market, so right here’s my formal prediction on spot bitcoin ETF…

First, I feel Grayscale wins lawsuit.

Second, combo of Grayscale lawsuit win + COIN SSA is sufficient for SEC approval IMO.

In different phrases, I feel we’re getting a spot bitcoin ETF. Like near 100%.

— Nate Geraci (@NateGeraci) August 9, 2023

Grayscale not too long ago voiced that the SEC ought to approve all Bitcoin spot ETF applications concurrently to forestall companies from having a bonus over different candidates.

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