- Bloomberg analyst James Seyfert believes Grayscale may win the SEC lawsuit over its GBTC ETF submitting.
- Nevertheless, Seyfert prompt {that a} win might not essentially end in spot bitcoin ETFs being allowed.
- Grayscale CEO Michael Sonnenschein beforehand anticipated a ruling on the case by the autumn of 2023.
James Seyfert, an ETF analysis analyst at Bloomberg Intelligence, believes that even when Grayscale Investments wins the continuing lawsuit in opposition to the U.S. Securities and Trade Fee (SEC), the corporate will proceed to put money into spot Bitcoin exchange-traded funds (ETFs). We don’t consider that we can begin issuing After changing current he Grayscale Bitcoin Belief (GBTC) shares.
Mr. Seyfert just lately appeared on a podcast hosted by What Bitcoin Did. Bloomberg analysts shared their views on the continuing authorized battle between a subsidiary of Digital Foreign money Group and a high US securities regulator. The lawsuit was filed in June 2022 after the SEC denied Grayscale’s software to transform GBTC right into a Spot Bitcoin ETF.
The analyst prompt the SEC would probably lose. The prediction was in line with a Bloomberg memo Seyfert wrote earlier this yr.of memoThe paper, authored by Bloomberg Senior Litigation Analyst Elliot Stein, notes that the courtroom is prone to reverse the SEC’s order rejecting Grayscale spot BTC ETFs.
Bloomberg Intelligence believes Grayscale has a 70% probability of successful. A ruling on this subject is predicted within the second or third quarter of 2023. Nevertheless, the wording of the ruling will decide whether or not the courtroom will give the SEC room to reject the ETF software for an additional purpose or will drive it to just accept the applying.
Concerning the aftermath of Grayscale’s favorable final result, Seyfert mentioned, “Then the SEC might deny it for different causes…so even when Grayscale wins, the conversion to an ETF should still not be doable. I am unable to,” he mentioned.
Earlier this yr, Grayscale CEO Michael Sonnenshein appeared on the What Bitcoin Did podcast. Requested concerning the timeline for the decision, Sonnenschein mentioned he expects a ruling on the problem as early as the autumn of 2023, i.e. someplace between the second and third quarters. backside.
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