Grayscale’s Bitcoin ETF is Approved, Billions of Dollars Flow into the Market

[ad_1]

Sources said SEC officials were losing control of the case, with Grayscale having a better chance of winning. The grayscale Bitcoin ETF will be first to market and could bring in billions of dollars of institutional money.

The world’s largest asset manager, Grayscale Investments, has been scrambling to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. However, the United States Securities and Exchange Commission (SEC) was determined not to give its approval citing concerns about the lack of consumer protection.

According to the latest market reports, speculation is mounting that SEC insiders are losing confidence in their chances of winning the lawsuit. Just last month, judges considered SEC officials over their refusal to approve Grayscale’s Bitcoin ETF spot application.

The Grayscale team presented a strong defense saying the SEC made arbitrary rulings. Additionally, the world’s largest crypto asset manager said the SEC should not hesitate to approve a spot Bitcoin ETF if it is open to approving Bitcoin futures.

The SEC is losing its grip on the case?

In their initial arguments presented to the Court of Appeals for the District of Columbia, Grayscale said the SEC was unfair in its case. However, according to the latest update, SEC officials appear to be losing their grip on the matter. Citing SEC sources, Twitter user Andrew noted that Grayscale is likely to win this pending lawsuit. In his recent tweet, Andrew wrote:

UPDATE: Agency insiders are increasingly expecting @Grayscale to get a favorable opinion (win) at the appeal level soon. **the twist here is that the SEC factions either want to respond by stepping aside and allowing a #BitcoinETF spot to continue, or the SEC goes on the offensive and dismantles #Bitcoinfutures ETFs.

Follow us for the latest crypto news!

But Andrew is not the only one awaiting the outcome of the case in favor of Grayscale. Ryan Milkis, the founder of Messari Crypto, also predicted that the SEC would lose its lawsuit against Grayscale. In his tweet on Thursday, April 6, Milkis wrote:

The SEC will lose its lawsuit against Grayscale. Once that happens, the American investing public will see what a child the current SEC leader is when he responds by overturning his sandcastle and dismantling ETFs eventually instead of letting the ETF pass. spot.

No spam, no lies, only ideas. You can unsubscribe at any time.

Grayscale’s victory will be a victory for Bitcoin investors

If Grayscale manages to win this case, it would be the first Bitcoin ETF on the market, which will be a massive win for the entire Bitcoin community. Several players have made efforts over the past few years to bring a spot Bitcoin ETF to market.

Additionally, the approval of a spot Bitcoin ETF will be massive and lead to greater institutional participation in the market, resulting in an influx of billions of dollars. The price of Bitcoin has already risen over 70% since the start of 2023. It is difficult to say whether Grayscale manages to achieve this victory this year. If so, Bitcoin could once again hit its all-time high of $69,000 and beyond.

Crypto News Flash does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any action related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned.

[ad_2]