Grayscale v. SEC: Who Won This Week’s Hearing? - Ep. 465
Elliott Stein, senior litigation analyst at Bloomberg Intelligence, shares his insights from a court hearing this week on the SEC’s rejection of Grayscale’s bid to convert GBTC into a spot bitcoin ETF. Stein says federal appellate court judges seemed skeptical of the SEC’s arguments for why bitcoin futures ETFs are OK while bitcoin spot ETFs aren’t. Who’s likely to win the case and what does it mean for the crypto industry as a whole?
March 10, 2023
37 min
465
Full
476 of 1,186
Episode 465 · March 10, 2023
Grayscale v. SEC: Who Won This Week’s Hearing? - Ep. 465
0:00 / 37:09
Excerpt playback isn’t available for this episode — use the full-episode link.
Search the Record
Moment search isn’t open for this episode yet
When it opens, you’ll be able to type any phrase and jump straight to the second it was said.
Tom Emmer Episodes Around March 10, 2023
Episode 476 of 1,186 — walk the feed in the order it was published.
Grayscale v. SEC: Who Won This Week’s Hearing? - Ep. 465
Summary
Elliott Stein, senior litigation analyst at Bloomberg Intelligence, shares his insights from a court hearing this week on the SEC’s rejection of Grayscale’s bid to convert GBTC into a spot bitcoin ETF. Stein says federal appellate court judges seemed skeptical of the SEC’s arguments for why bitcoin futures ETFs are OK while bitcoin spot ETFs aren’t. Who’s likely to win the case and what does it mean for the crypto industry as a whole?
Show highlights:
why Grayscale filed the lawsuit against the SEC
why Grayscale believes that a bitcoin futures ETF is essentially the same as a spot ETF
what the SEC disagrees
why the judges pushed back against the SEC’s arguments
why Elliott changed his mind about who will win the case after the hearing
what would happen if Grayscale ends up winning the lawsuit and whether the SEC could go back on its previous approvals
whether other companies applying for a bitcoin spot ETF would benefit from Grayscale winning the case
whether this case could have an impact on the jurisdictional battle between the SEC and the CFTC
why Elliott is keeping an eye on other cases such as Ripple, Terraform Labs, and insider trading at Coinbase
Thank you to our sponsors!
Crypto.com
Railgun DAO
Previous coverage of Unchained on Grayscale and GBTC:
Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF
$5 Billion in AUM: Why Growth at Grayscale Exploded in the Last Quarter
Bitwise's Latest Plans to Get a Bitcoin ETF Approved
DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?
Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis
Guest
Elliott Stein, Senior Litigation Analyst for the Financials Sector at Bloomberg Intelligence
Links
CoinDesk:
Judges Express Skepticism of SEC Arguments in Grayscale Bitcoin ETF Hearing
A Dozen Reasons Why the SEC Should Have Approved Grayscale's Spot Bitcoin ETF
Axios: Judges question SEC rejection of Grayscale's spot bitcoin ETF
Reuters: US court questions SEC's rejection of Grayscale's bitcoin fund proposal
Don Verrilli
Learn more about your ad choices. Visit megaphone.fm/adchoices
Episode details and artwork are published by the show’s own feed. Sentinel plays short cited excerpts and links every episode back to its publisher.