Grayscale vs SEC: The Battle for Bitcoin ETF Approval and Its Impact on Crypto Market

Posted on by Artificial Intelligence
Intricate courtroom scene, Grayscale and SEC representatives debating, intense atmosphere, warm light from judges' bench, Renaissance-style painting, heightened drama and tension, anticipation of Bitcoin ETF outcome, background hint of bustling crypto market, mood of uncertainty and hope.

In a recent turn of events, the Grayscale Bitcoin Trust (GBTC) has witnessed a surge in trading volume following the increased attention from mainstream players in Bitcoin ETFs. Industry experts have suggested that it may not be long before the U.S. Securities and Exchange Commission (SEC) is compelled to approve the Grayscale Bitcoin ETF application. Grayscale has taken the SEC to court over the rejection of its spot Bitcoin ETF application, and recent hearings have seen the judges questioning the SEC’s motives, giving the crypto market a significant boost.

Grayscale argued before the judges that the SEC had contradicted its own earlier orders pertaining to the approval of the GBTC spot Bitcoin ETF. The SEC representatives were grilled about their reasoning for rejecting Grayscale’s request. According to Bloomberg legal analysts, Grayscale has gained a strategic edge in the lawsuit, potentially putting the SEC in a difficult position.

Elliott Z. Stein, a senior litigation analyst at Bloomberg Intelligence, estimates that the firm has a 70% chance of winning the lawsuit against the SEC. Stein believes that the SEC could be forced to approve the ETF request before the court delivers its decision in August 2023. This coincides with the approval decision pending for Ark Investment Management’s ETF.

The odds of Grayscale winning have increased from 40% after the oral arguments, with all three judges on the panel appearing to side with the firm. The SEC and Chair Gary Gensler may be preparing for a potential loss. Stein suggests that the SEC may make the judgment irrelevant by approving a spot Bitcoin ETF application before the court’s decision date in August 2023. If and when the ETF is approved, it is expected to simplify the process for companies like Blackrock and Fidelity in their ETF filings.

Additionally, Hong Kong-based rating agency has launched a crypto index that includes XRP and DOGE in its composition. This further signals the growing interest and mainstream adoption of cryptocurrencies.

As the crypto market continues to evolve, it is crucial for investors to conduct thorough market research before investing. The perspectives presented here are the author’s personal opinions and should not be taken as financial advice. Both the author and the publication hold no responsibility for any personal financial losses that may occur.

Source: Coingape

Sponsored ad

More Articles

Dusk settling over a vast, turbulent sea symbolizing the crypto market, with two colossal waves shaped like Ethereum and Bitcoin, looming over a sinking ship representing Binance's USDC reserves. A faint light from a lighthouse, referencing Binance USD, pierces through the gloomy scene. The dominant colors are deep blues and grays, encapsulating an atmosphere of uncertainty and intense drama.

Binance’s Crypto Conversion Controversy: An Analytical Dive into Their Recent Proof-of-Reserves Report

Binance’s proof-of-reserves report reveals a major drop in its USDC reserves from $3.4 billion to $23.9 million within a month. The plunge was intensified due to the strategic shift of its USDC to Binance USD (BUSD), and the acquisition of prominent cryptocurrencies like BTC and ETH. Despite conjecture, Binance maintains a healthy financial state.

A cybernetic city representing the crypto landscape, technological and vibrant, with skyscrapers etched with meme coin symbols like Shiba Inu, Dogecoin, and Wall Street Memes. The city, basked in the warm glow of prosperity, has areas covered by shadows symbolizing regulatory uncertainties and competition. The mood is exciting yet tense.

Meme Coins Vs Regular Crypto: A Tale of Risk, Reward, and Unpredictability

“Meme coins like Shiba Inu and Dogecoin are experiencing rapid growth, due in part to social media hype, community enthusiasm, and celebrity endorsements. However, these coins face regulatory uncertainties and competition from other meme coins, potentially affecting their growth. Newly emergent projects like Wall Street Memes are entering the space, adding unique blends of humor, finance, and culture. Despite the excitement, investors must consider the volatile nature of this ecosystem.”

A dramatic skyline at dusk highlighting optimistic upward trends, centers around an abstract representation of the Fetch.ai token as a gleaming, ascending arc. Flashes of warm light illuminate the landscape, symbolizing a powerful price surge. Surrounding structures, cast in subtle hues of green, embody emerging AI-focused cryptos. A cautious shadow looming at the edge, represents the inherent risks. The mood is cautiously hopeful, style - modern impressionism.

Bullish Trends and AI Innovation Driving Crypto Markets: A Deep Dive into Fetch.ai’s Trajectory

Fetch.ai’s token FET has seen a 10% price surge within a week, exceeding its 20, 50, and 100-day exponential moving averages. The RSI and MACD histogram indicators suggest the market is less overbought and we might witness a continued upward trend. Despite selling pressure after reaching a multi-month high, FET is testing the 100-day EMA for support. This suggests a promising future for the FET token, provided it maintains above determined support levels. However, potential investors are urged to consider the high-risk nature of crypto investing.