The SEC Can’t Settle the Grayscale Case
This Friday is the deadline for the SEC to file an appeal of the judge’s ruling in favor of Grayscale.
Bloomberg analysts James Seyffart and Eric Balchunas discuss the potential repercussions of the court’s judgment in favor of cryptocurrency business Grayscale as the deadline for the U.S. Securities and Exchange Commission’s (SEC) response approaches.
According to James Seyffart, the SEC is not expected to file an appeal. Seyffart is certain that the SEC’s appeal will fail even if it is filed. Most certainly, he says, we’ll walk away with a better idea of what to do next.
A challenge or rejection from the SEC is quite improbable, according to Eric Balchunas, who concurs with Seyffart. Balchunas thinks it’s unusual that the SEC is taking such an interest in already-filed ETFs. Balchunas claims that this kind of contact has never happened before.
Still optimistic, Balchunas predicts that a Bitcoin spot ETF will be approved before the end of the year. Only by delaying the decision until mid-January would this likelihood grow.
Balchunas, in a statement published 10 days ago, characterized reports that the SEC had contacted applicants for Bitcoin Spot ETFs as “unprecedented.”