Topic: [JUST IN] Grayscale wins lawsuit against the SEC - page 2. (Read 472 times)
Good news sure looks good on the bitcoin price and it is not just any good news it is a significant news. It is not over yet because we know how the SEC likes to fight and they have some about 45 days to appeal the ruling. Although the basic argument to my understanding is that if they approve the Bitcoin futures ETF they should hold back on approving Bitcoin spot ETF. Within the 45 days they have to file an appeal, it would not come as a shock to me if they come up with some flimsy excuse not to approve the BTC spot ETF.
It is interesting to see there are still irrational traders (also known as weak hands) making emotional decisions. Starting with the irrational drop below $30k and now with the recent rise back up as panic buyers are most probably reacting to this news over the past day forming another big green candle.
The only important question is whether this is going to turn into a positive momentum?
The only important question is whether this is going to turn into a positive momentum?
The current market price hasn't done justice after receiving this great news, as things looked like a one way street in favour of SEC! But against all odds the coin flipped in favor of Grayscale which has let most of our coins in green, and we need to build enough momentum to push price up and get the herd mentality
and buying back on the road
And the court siding with Grayscale opens up the doors for more to get on that list... But I guess the real fight hasn't began as getting the approval process is another pain in the b***
and buying back on the road
While they may have won their lawsuit, this just puts them on the list awaiting approval with everyone else.
Will take the "W" for now...And the court siding with Grayscale opens up the doors for more to get on that list... But I guess the real fight hasn't began as getting the approval process is another pain in the b***
The funny thing is that while Grayscale may have won their case, ultimately it is a lose lose for them. When they do convert their fund to a spot ETF, they’ll lose a ton of revenue as they’ll also have to drop their fees. So ironically Grayscale is shooting themselves in the foot by advancing the industry with this lawsuit. A good thing for their customers though.
Hey don't be in hurry guys.
It is not a win to convert the fund to a Spot ETF. They just ruled Grayscale's petition for review be granted & the commission's order be vacated
It’s only won the right to apply and the SEC can of course reject it
And it won't happen in 2023.
It is not a win to convert the fund to a Spot ETF. They just ruled Grayscale's petition for review be granted & the commission's order be vacated
It’s only won the right to apply and the SEC can of course reject it
And it won't happen in 2023.
Quote
CLARIFICATION NEEDED 🚨:
While Grayscale's legal victory is a momentous event in the ongoing battle between the crypto industry and the SEC, it does NOT guarantee the approval of a #BTC Bitcoin spot ETF. The court ordered the SEC to review Grayscale's previously rejected application. That's it.
It does NOT automatically result in a conversion to a spot ETF.👇
The decision has illuminated the SEC's inconsistent policy approach, compelling a mandatory review of Grayscale's application. While the decision appears to be indicative of a positive step toward broader institutional acceptance of Bitcoin, the SEC still retains the latitude to deny the application under different grounds.
There are still alot of uncertainties and NO guarantees. Grayscale's win is a step forward, but it is not the final word on the subject.
https://twitter.com/Invst_Informant/status/1696543653915705505
While Grayscale's legal victory is a momentous event in the ongoing battle between the crypto industry and the SEC, it does NOT guarantee the approval of a #BTC Bitcoin spot ETF. The court ordered the SEC to review Grayscale's previously rejected application. That's it.
It does NOT automatically result in a conversion to a spot ETF.👇
The decision has illuminated the SEC's inconsistent policy approach, compelling a mandatory review of Grayscale's application. While the decision appears to be indicative of a positive step toward broader institutional acceptance of Bitcoin, the SEC still retains the latitude to deny the application under different grounds.
There are still alot of uncertainties and NO guarantees. Grayscale's win is a step forward, but it is not the final word on the subject.
https://twitter.com/Invst_Informant/status/1696543653915705505
And then I wonder (as well as some others) why the market reacted in such a positive way, considering that regardless of the court decision, 5+ months may still pass until the SEC makes a final decision whether to approve a spot ETF from any company. However, theoretically, the approval can also happen during 2023, considering the deadlines, especially if the SEC is a team player of the company (BR) that is closest to the top of the US government and that has the greatest chance of being the first to get the green light.
In any case, in less than half a year we will know whether the SEC will finally give in to the pressure, or whether the story will have a new continuation during the next year as well.
Because it's a step in the right direction. Think of the current situation if the court decision was for the SEC. Bitcoin would probably crashed further under $25,000, placing it below its 200-Weekly SMA. Which would be another opportunity for buying the DIP, but that would not be very good for our mental health. Hahaha. Sometimes we need something more positive to happen.
Those people who gambled in the discount for GBTC's Net Asset Value will make a lot of money.
Hey don't be in hurry guys.
It is not a win to convert the fund to a Spot ETF. They just ruled Grayscale's petition for review be granted & the commission's order be vacated
It’s only won the right to apply and the SEC can of course reject it
And it won't happen in 2023.
It is not a win to convert the fund to a Spot ETF. They just ruled Grayscale's petition for review be granted & the commission's order be vacated
It’s only won the right to apply and the SEC can of course reject it
And it won't happen in 2023.
Quote
CLARIFICATION NEEDED 🚨:
While Grayscale's legal victory is a momentous event in the ongoing battle between the crypto industry and the SEC, it does NOT guarantee the approval of a #BTC Bitcoin spot ETF. The court ordered the SEC to review Grayscale's previously rejected application. That's it.
It does NOT automatically result in a conversion to a spot ETF.👇
The decision has illuminated the SEC's inconsistent policy approach, compelling a mandatory review of Grayscale's application. While the decision appears to be indicative of a positive step toward broader institutional acceptance of Bitcoin, the SEC still retains the latitude to deny the application under different grounds.
There are still alot of uncertainties and NO guarantees. Grayscale's win is a step forward, but it is not the final word on the subject.
https://twitter.com/Invst_Informant/status/1696543653915705505
While Grayscale's legal victory is a momentous event in the ongoing battle between the crypto industry and the SEC, it does NOT guarantee the approval of a #BTC Bitcoin spot ETF. The court ordered the SEC to review Grayscale's previously rejected application. That's it.
It does NOT automatically result in a conversion to a spot ETF.👇
The decision has illuminated the SEC's inconsistent policy approach, compelling a mandatory review of Grayscale's application. While the decision appears to be indicative of a positive step toward broader institutional acceptance of Bitcoin, the SEC still retains the latitude to deny the application under different grounds.
There are still alot of uncertainties and NO guarantees. Grayscale's win is a step forward, but it is not the final word on the subject.
https://twitter.com/Invst_Informant/status/1696543653915705505
And then I wonder (as well as some others) why the market reacted in such a positive way, considering that regardless of the court decision, 5+ months may still pass until the SEC makes a final decision whether to approve a spot ETF from any company. However, theoretically, the approval can also happen during 2023, considering the deadlines, especially if the SEC is a team player of the company (BR) that is closest to the top of the US government and that has the greatest chance of being the first to get the green light.
In any case, in less than half a year we will know whether the SEC will finally give in to the pressure, or whether the story will have a new continuation during the next year as well.
The current market price hasn't done justice after receiving this great news, as things looked like a one way street in favour of SEC! But against all odds the coin flipped in favor of Grayscale which has let most of our coins in green, and we need to build enough momentum to push price up and get the herd mentality
and buying back on the road
And the court siding with Grayscale opens up the doors for more to get on that list... But I guess the real fight hasn't began as getting the approval process is another pain in the b***
and buying back on the road
While they may have won their lawsuit, this just puts them on the list awaiting approval with everyone else.
Will take the "W" for now...And the court siding with Grayscale opens up the doors for more to get on that list... But I guess the real fight hasn't began as getting the approval process is another pain in the b***
I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?
There was definitely a "button-press-dilemma" meme for this, heh.
I'm not in any rush for institutional investors to jump in, but then I'm going long. My generation definitely aren't getting anything resembling a state pension in the UK. My BTC stash is basically my retirement fund, heh. And possibly a deposit on a house if the timing works out.
I guess the collective "we" are a little less patient than I am.
I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?
Correct answer: It's about the money!
If it's +10% it doesn't matter what caused it, moar profit means the news is good news!
However, the whole thing is quite ridiculous if you go back in time and see the other narratives:
- Blackrock controls the price government and wants to suppress the price, love how these reptilians fail every time despite all the tinfoil production
- The US government is against Bitcoin, yet...magically it's not!
- Bitcoin shouldn't be influenced by regional decisions, Bitcoin is global...yeah right!
- Nobody cares anymore about the ETF hype, instant 10%!
Anyhow, the thing whole thing has changed from "not your keys, not your coins" to "buy today, profit tomorrow for sure".
This is undoubtedly a victory and a revolution for Bitcoin.
No, it's a win for Grayscale which wants to sell you IOU pieces of paper instead of your private keys!
Satoshi is doing more RPM right now than a racing motorbike!
Frankly, I can't recall Bitcoin pumping a couple of grand on bullish news in the last couple of years (probably since 2021?). It's very positive. As to the real effect of the ETF on Bitcoin who knows what it's going to be. Honestly, I don't care: it's the same as with FUD - people think this news is negative (positive) for Bitcoin and price moves. As long as Bitcoin price goes up, I'm happy.
I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?
Those who want purely the latter are a very small minority. It's not just the ETF, without CEX the price today would be much lower for example. I try not so much to dream of an ideal world but to adapt to the one that exists and where we are going, and that is one where most Bitcoin transactions will go through centralized entities and KYC, leaving a small space (that I understand will be less and less as time goes by) for those who want privacy.
Plus with approval of bitcoin ETF in the future people would be left with the laudable choice of either getting the product straight from the farm or getting it from the departmentalized stores as they would choose.
And I think an aggregate of bitcoiners are excited about this by reason with an ETF the risk bothering on not having a technical knowledge, loss of keys or getting hacked won't be an issue of concern while you can still own your bitcoin. And with what I read on reddit, ETF are insured. Is this true please correct me if am wrong.
This is undoubtedly a victory and a revolution for Bitcoin. GrayscaleBTC has been fighting the case against the SEC for several days and yesterday they won the case and started a change in the market. With this news yesterday, market conditions started to improve and GrayscaleBTC increased over 19 percent of their market share. Not only the GBTC market has undergone such a revolution, but Bitcoin, Ethereum, and all other sectors are in a positive trend in the market.
I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?
Those who want purely the latter are a very small minority. It's not just the ETF, without CEX the price today would be much lower for example. I try not so much to dream of an ideal world but to adapt to the one that exists and where we are going, and that is one where most Bitcoin transactions will go through centralized entities and KYC, leaving a small space (that I understand will be less and less as time goes by) for those who want privacy.
I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?
I know this is good news but won’t this be bearish in the near future. If the GBTC etf is confirmed then people will buy the GBTC and short the actual bitcoin until it launches. By shorting they hedge their position which should be balanced by the end.
And the fund will be unlocked and the 600K will be released into the market again. So there will be more supply. Most likely nobody will use GBTC due to high fees and with blackrock etf begin live also.
And the fund will be unlocked and the 600K will be released into the market again. So there will be more supply. Most likely nobody will use GBTC due to high fees and with blackrock etf begin live also.
Why should they make it more difficult for themselves. The ETF is bullish. What they should do is buy spot bitcoin and short the futures market if they want a hedge against their spot buy without reducing their exposure.
@Husires. What is that indicator? Is that forks price vs. bitcoin?
In any case, the pump at present might only be an excited reaction on Barry Silbert's victory, similar to Judge Torres' ruling on Ripple'.
They say, "sometimes you win a battle or two, but you lose the war" and this is very applicable with the SEC. We know how vindictive and biased they can be, just look what happened to the Bankers during the previous financial crisis. 
This small victory might even make things worst, because they might now have a vendetta against Grayscale for winning this lawsuit and even just for them being taken to court.
This small victory might even make things worst, because they might now have a vendetta against Grayscale for winning this lawsuit and even just for them being taken to court.
The failure of the price to break the range of 24,800 to 28,900 indicates that this FUD news has been exploited and we have returned to the boring range again, I am starting to lose hope that we may see the US ETF exponent during the next two years.
The bitcoin hardforks reacted well to this news, perhaps due to Grayscale's investment in BCH.
This week's closing is important, if the price continues above 24,500, we might see an attempt to test 30,000 levels again.
The bitcoin hardforks reacted well to this news, perhaps due to Grayscale's investment in BCH.
This week's closing is important, if the price continues above 24,500, we might see an attempt to test 30,000 levels again.
I know this is good news but won’t this be bearish in the near future. If the GBTC etf is confirmed then people will buy the GBTC and short the actual bitcoin until it launches. By shorting they hedge their position which should be balanced by the end.
And the fund will be unlocked and the 600K will be released into the market again. So there will be more supply. Most likely nobody will use GBTC due to high fees and with blackrock etf begin live also.
And the fund will be unlocked and the 600K will be released into the market again. So there will be more supply. Most likely nobody will use GBTC due to high fees and with blackrock etf begin live also.
A positive development all in all. This may not be the final sign that a Bitcoin spot ETF will be made available very soon, but at least this judgement is somehow telling the SEC to shape up, to quit being arbitrary and selective, to be consistent and fair, and so on.
The pressure on them is growing. The recent legal decisions involving crypto seem to suggest that the courts aren't rubber stamps of agencies belonging to the executive department. Coupled with the apparent interest of powerful players in the financial sector, the wind is now seemingly blowing in favor of crypto, testing the resolve and insistence of the SEC and Chairman Gensler.
The pressure on them is growing. The recent legal decisions involving crypto seem to suggest that the courts aren't rubber stamps of agencies belonging to the executive department. Coupled with the apparent interest of powerful players in the financial sector, the wind is now seemingly blowing in favor of crypto, testing the resolve and insistence of the SEC and Chairman Gensler.
I think the hype might be short-lived. The SEC still have the final say on whether anything gets approved or not. Otherwise every company would be filing a lawsuit. Still don't think a Spot ETF will happen for another few years yet.
Agreed. Uncle Gary has been losing these cases against the cryptospace everywhere and in his embarassment he might begin operation cryptospace annoyance by creating delays and more delays on the approval for the ETF. His term as SEC chairman will end on June 5, 2026.
I am also afraid that if the ETF is approved on 2026, it might mark the market top months after approval after twaps hehehe.
Thanks for the heads up, I was already bombard with messages on my phone and all my crypto portfolio are smiling hard in quick profit reactions, I wasn't expecting this to happen, at least there is a higher hope that other ETFs will be approved as time goes on, let's hope for the best by the fourth quarter of 2023, this is what will determine how 2024 will look like.
Right now bitcoin still needs to perform very well, probably back to 29k if possible before the monthly close, or else all this won't stop more bleeding coming for Bitcoin in September.
The month of September could also be one of the best times to invest in Bitcoin, I think this month we will slowly start to recover.
Right now bitcoin still needs to perform very well, probably back to 29k if possible before the monthly close, or else all this won't stop more bleeding coming for Bitcoin in September.
The month of September could also be one of the best times to invest in Bitcoin, I think this month we will slowly start to recover.
I haven't seen such a nice notification in a long time. These notifications seem to have been good to all of us. Now is the time to approve ETFs. Let's see if we can see that too?
I agree with your view that Bitcoin will slowly recover. I also think we will get better notifications. As I always say. Avoid panic selling. Bitcoin will rise in the coming days as it does today. No one knows exactly when it will happen, but everything gets easier when we learn to wait.
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