Awaiting the Grayscale BTC ETF Decision | Crypto Daily Digest Aug. 16
Grayscale Investments, which has been seeking to convert its Bitcoin trust into a spot Bitcoin exchange-traded fund, could be getting a decision on its lawsuit against the federal securities regulator before the week’s end.
In June 2022, the U.S. SEC rejected Grayscale’s application to convert its GBTC to a spot Bitcoin ETF. In response, Grayscale sued the securities regulator, saying it was acting arbitrarily by failing to apply consistent treatment to similar investment vehicles.
Scott Johnsson, a general partner of Van Buren Capital, explained that law clerks in the United States District Courts generally cycle out in August, pushing judges to clear out the caseload “before the new guard arrives.”
He noted that 30 out of 32 cases in March of 2021 and 2022 were heard by United States District Courts within 160 days of oral testimony, which also landed them in August. adding that it has also been 160 days since Grayscale delivered its oral arguments in its suit against the SEC on March 7.
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