The world of cryptocurrency is currently focused on the awaited decision of the court in the case between Grayscale, a potential market-shaping crypto investment company, and the US Securities and Exchange Commission (SEC). The DC Court of Appeals was expected to announce its decision on August 18th, but the court has once again postponed the ruling. Investors and industry experts eagerly await the decision of the DC Court of Appeals, as it has the potential to reshape the cryptocurrency market.
Grayscale’s expected court decision regarding the conversion of its Bitcoin Trust into a full-fledged spot Bitcoin ETF has been postponed once again. The US Columbia Circuit Court of Appeals was expected to announce its decision on August 18th, but no announcement has been made. Craig Salm, Grayscale’s Chief Legal Officer, announced the delay through his personal X account. The usual approach of the DC Court of Appeals for such cases was that the decision would be announced four days earlier, on August 15th.
According to the new schedule, the decision is expected to be announced on August 22, 2023. Interestingly, the second delay of the decision has raised questions among market participants and created expectations for a positive outcome. Grayscale strongly opposed the SEC’s decision during a hearing in March, claiming that the regulatory agency’s previous decision on approving a BTC spot Bitcoin ETF was full of contradictions.
Legal analysts at Bloomberg argue that Grayscale has a strong position in the case, estimating that the court is likely to rule in favor of the company with a probability of around 70%.
Grayscale’s ETF Team is Growing
Last week, the price of GBTC dropped over 12.3%, from $20.12 to $17.64. This decline occurred in the midst of a challenging market and regulatory uncertainty towards Bitcoin. Despite the negative outlook, Grayscale’s team remains optimistic, expecting a positive outcome in their legal battle against the US SEC. To expand its presence in this field, the company recently opened job postings for two important positions in the ETF team.
The proactive approach demonstrated by the job postings on LinkedIn reflects Grayscale’s determination to grow and enhance its ETF operations. The job postings received over 50 applications from potential candidates, indicating the industry’s expectation for a favorable decision in the case between Grayscale and the SEC. As positive expectations regarding the case increase, the cryptocurrency market eagerly awaits the court’s ruling.
