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Grayscale Bitcoin ETF decision could happen this week, pundits say


Grayscale Investments is awaiting a decision on its lawsuit against the federal securities regulator, which could come before the end of the week. The company has been seeking to convert its Bitcoin trust into a spot Bitcoin exchange-traded fund (ETF).

According to Scott Johnsson, a general partner of Van Buren Capital, August is a month when law clerks in the United States District Courts cycle out, which leads judges to clear out their caseload before the new clerks arrive. Johnsson highlighted that in March 2021 and 2022, 30 out of 32 cases were heard within 160 days of oral testimony, coinciding with the month of August. It has now been 160 days since Grayscale delivered its oral arguments on March 7 in its suit against the United States Securities and Exchange Commission.

Johnsson added that there are only a small number of unresolved March-argued cases remaining, including Grayscale.

Meanwhile, Bloomberg analyst James Seyffart suggests that the decision could come as early as August 15, a date he has considered for some time as the “theoretical Grayscale lawsuit decision date.”

Johnsson mentioned in his thread that Seyffart’s prediction is highly plausible.

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

In June 2022, the U.S. Securities and Exchange Commission rejected Grayscale’s application to convert its GBTC to a spot Bitcoin ETF. In response, Grayscale filed a lawsuit against the securities regulator, alleging inconsistent treatment of similar investment vehicles.

Several industry commentators, including Cathie Wood from ARK Invest and ETF analyst Nate Geraci, have predicted that Grayscale will prevail in the lawsuit.

Grayscale recently advocated for the simultaneous approval of all Bitcoin spot ETF applications by the SEC, to ensure fair treatment and prevent any advantages for certain firms over others.

Magazine: Bitcoin 2023 in Miami comes to grips with ‘shitcoins on Bitcoin’

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