after dc The Circuit Court of Appeals has ruled in favor of digital asset manager Grayscale in a lawsuit against the US Securities and Exchange Commission (SEC) regarding a Bitcoin spot trading fund (ETF), and the company’s chief legal officer, Craig Salem, expects the regulator to approve the ETF. .
“It’s a matter of when, not a matter of if,” bitcoin ETFs will be approved in the U.S., Salem told TechCrunch’s Chain Reaction. Podcast.
The new ruling came in response to Grayscale’s ruling Sued the SEC, which rejected the company’s request to convert the Grayscale Bitcoin Trust (GBTC) into an ETF on June 29, 2022. The court ruled 3-0 in favor of Grayscale, which currently owns 3.4% of outstanding bitcoin “worth tens of billions of dollars.” According to Al Legal deposit.
“[The ruling] This is a huge win for us, our shareholders and the entire cryptocurrency community. “Right now, we are focused on completing those final steps to achieve this conversion,” Salem said. “I don’t think we should wait any longer to allow this to happen, especially now that we’ve paved the way for ETF conversion.”
Salem pointed out that it is difficult to predict the exact timetable, as the ruling is subject to a 45-day review period. But if there is no “re-listening”, it will be smooth sailing for the company. Bloomberg ETF Analysts Their odds increased It’s 65% to 75% that the SEC will approve a bitcoin ETF this year, and bets the odds are as high as 95% by the end of 2024.
“My view is that this needs to happen as soon as possible because we have investors today. GBTC represents nearly a million investors in all 50 states,” Salem said. “But because the product is not an ETF today, it is trading at a discount.” .”
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