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No Decision Yet on Grayscale’s Spot Bitcoin ETF Lawsuit: What Happens Now?

  • US-based asset manager Grayscale’s decision by the US District Court for the District of Columbia has once again been postponed.
  • Grayscale will have to wait at least four more days for a decision in the case against the US Securities and Exchange Commission.
  • As also stated by COINOTAG, the Grayscale supporters community was expecting the announcement of this critical decision on August 15th and August 18th. However, in both cases, the announcements were postponed.

No decision was made in Grayscale’s case against the SEC regarding its spot Bitcoin ETF: A resolution is expected by the end of August.

No Decision Yet in Grayscale – SEC Case

Grayscale

US-based asset manager Grayscale’s decision by the US District Court for the District of Columbia has once again been postponed. The court has failed to make a decision for the third time in a row.

Grayscale, the operator of crypto-based OTC products (crypto trusts), will have to wait at least four more days for a decision in the case against the US Securities and Exchange Commission. According to the statement of legal representative Craig Salm, the Appeals Court did not make a decision in this case today.

Salm shared that the next possible day for a decision would be Tuesday, August 29, 2023. Therefore, it can be seen that the court has failed to announce a decision three times.

As previously stated by COINOTAG, the Grayscale supporters community was expecting the announcement of this critical decision on August 15th and August 18th. However, in both cases, the announcements were postponed.

As mentioned by Bloomberg’s Eric Balchunas, this process takes 95% longer than similar cases in the US court system. The community expects a resolution by the end of August before the annual turnover of writing desks begins.

Not only Grayscale but also others are waiting for the Spot Bitcoin ETF

Within the scope of the case, Grayscale filed a lawsuit against the US SEC, which rejected the idea of converting its primary Grayscale product, Grayscale Bitcoin Trust (GBTC), into a full-fledged Bitcoin Spot ETF. As of today, more than 15 applicants are awaiting approval of their ETF proposals.

Main analysts are confident that the approval of a Bitcoin ETF can introduce digital assets to new investor groups on a large scale. When combined with significant liquidity inflows, it can catalyze the price of Bitcoin (BTC) and major altcoins.

Furthermore, this eagerly awaited event can reestablish cryptocurrencies as a reliable and mature asset class. If the spot Bitcoin ETF is approved, investment products based on other cryptocurrencies may also start – according to analysts.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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