Second Postponement for Grayscale vs SEC Verdict, Faces Another Obstacle

Grayscale Spot Bitcoin ETF Verdict Postponed Again- Crypto Community Holds Its Breath

The much-anticipated verdict on whether Grayscale can convert its Bitcoin Trust into a fully-fledged ETF has been delayed once again. The U.S. Court of Appeals for the District of Columbia Circuit did not announce its decision on the matter today, leaving investors and industry experts eagerly waiting for further insights. Grayscale’s chief legal officer, Craig Salm, took to Twitter to convey this news. Surprisingly, the expected announcement, based on the usual timeline for such cases, was due three days ago on August 15.

According to the new timeline, the next potential date for the verdict announcement is Tuesday, August 22. This is the second time the decision has been postponed, sparking anticipation and speculation among stakeholders.

During a hearing in March 2023, Grayscale strongly contested the SEC’s decision, arguing that it contradicted the regulatory body’s previous orders regarding the approval of the GBTC spot Bitcoin ETF. Legal analysts from Bloomberg weighed in on the matter, suggesting that Grayscale might have a strong case, estimating a 70% chance of victory in the lawsuit.

Grayscale’s ETF team, despite the setback, remains optimistic about their prospects in the ongoing legal battle with the U.S. SEC. To bolster their efforts, the company recently announced the hiring of two significant roles in its ETF team. The positions of product specialist and senior associate were posted on LinkedIn, attracting over 50 applications from potential candidates. This enthusiastic response highlights the industry’s anticipation of a favorable outcome in the Grayscale vs. U.S. SEC case.

In the past week, the GBTC share price experienced a decline of over 12.3%, dropping from $20.12 to $17.64. This decrease occurred amidst a challenging market and regulatory uncertainty in the Bitcoin space. However, Grayscale remains committed to enhancing its ETF operations through proactive measures, exemplified by the strategic hiring of new team members.

With anticipation building and the entire crypto community eagerly awaiting the verdict, all eyes are now focused on the upcoming decision. Investors and industry experts eagerly await insights into how this ruling could reshape the cryptocurrency landscape. The outcome of this case could have significant implications for the future of Grayscale and the broader crypto ecosystem. Stakeholders will have to exercise patience as they await the court’s final decision on the matter.