- The verbal arguments will now be heard on March 7, at 9:30 a.m.
- SEC rejected Grayscale’s application to convert GBTC into an ETF.
- Crypto experts believe that the conversion about GBTC would help the investors.
The District of Columbia Court of Appeals has declared that it wants to fast-track verbal arguments in Grayscale’s lawsuit against the Securities and Exchange Commission (SEC) to get a speedy resolution from the conflict.
Grayscale was expecting verbal arguments to start in the second quarter. However, it will now be heard on March 7, at 9:30 a.m. Last year, in June, Grayscale had filed a lawsuit against the SEC in June 2022 after SEC refused to allow Grayscale Bitcoin Trust (GBTC) to be converted into an ETF but approved a similar ProShares’ futures-based bitcoin ETF in October 2021.
The ruling faced multiple delays but the SEC rejected Grayscale’s application saying that Grayscale had not answered questions related to concerns about market manipulation and investor protections.
Crypto experts believe that the SEC allowing Grayscale to convert the GBTC into an ETF would further help the investors. They commented, “The SEC’s inaction has prevented bitcoin’s advancement into the U.S. regulatory perimeter, often forcing U.S investors offshore with less protection and ...
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