Grayscale Investment has been seeking to convert its Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF), and the outcome of its lawsuit against the federal securities regulator may be revealed before the end of this week.
In June 2022, the U.S. Securities and Exchange Commission (SEC) rejected Grayscale's application to convert its GBTC into a spot Bitcoin ETF. In response, Grayscale filed a lawsuit against the securities regulator, alleging that it had not made consistent regulatory decisions on similar investment tools.
Scott Johnson, Managing Partner of Van Buren Capital, explained that law clerks in U.S. district courts typically rotate in August, prompting judges to clear accumulated cases "before the new people come in."
He pointed out that out of 32 cases in 2021 and March 2022, 30 were heard by U.S. district courts within 160 days after oral arguments, which is in August. He also added that Grayscale had its oral argument against the SEC on March 7, and 160 days have now passed.
Today's Market
Source: TokenInsight Gainers and losers
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