The Chief Executive Officer (CEO) of Galaxy Digital Mike Novogratz recently <\/span>emphasized<\/span><\/a> that the coming of a spot Bitcoin (BTC) Exchange Traded Fund (ETF) is a matter of when and not if, a statement that echoes broader sentiment in the industry<\/span><\/p>\n Novogratz made this statement after Bloomberg Intelligence ETF Analyst James Seyffart talked about the outcome of the lawsuit between Grayscale and the United States Securities and Exchange Commission (SEC) and what it means for the prospects of a spot Bitcoin ETF.<\/span><\/p>\n <\/p>\n After receiving a rejection from the SEC for its request to convert its Grayscale Bitcoin Trust (GBTC) to a physically backed ETF, Grayscale challenged the U.S regulator to a legal battle. In one of its hearings, the investment asset management firm argued that the decision made by the SEC was not in alignment with the previous orders regarding approving the GBTC spot Bitcoin ETF.\u00a0<\/span><\/p>\n Also, the asset manager claimed that the SEC lacks sufficient reasons to reject its spot BTC ETF application, especially after Bitcoin Futures ETF had been approved.<\/span><\/p>\n Many analysts and financial experts agreed that Grayscale has a very strong argument.\u00a0 They were confident enough to predict that Grayscale has a strong case, with a 70% chance of winning the lawsuit. However, the DC Court of Appeals delayed making a decision in Grayscale vs. SEC case and ended up <\/span>postponing<\/span><\/a> the hearing twice.\u00a0<\/span><\/p>\n <\/p>\n <\/p>\n Earlier this week, the judge finally <\/span>explained<\/span><\/a> that the SEC failed to recognize the \u201cobvious financial and mathematical relationship between the spot and futures markets\u201d and as such,\u00a0\u201cIt is ordered and adjudged that Grayscale\u2019s petition for review be granted and the Commission\u2019s order be vacated, in accordance with the opinion of the court filed.\u201d<\/span><\/p>\n Judge Srinivasan Rao reiterated that the SEC did not provide enough reason as to why the application was rejected.\u00a0<\/span><\/p>\n While this was not a stamp that a BTC ETF is imminent, the judgement is a green light on the path of an approval and since then, several crypto players have voiced optimism towards the coming of an spot Bitcoin ETF approval with Mike Novogratz now also sharing his optimism vocally.<\/span><\/p>\n The presence of top investment managers like <\/span>BlackRock<\/span><\/a>, Fidelity, WisdomTree in the spot Bitcoin ETF race is also likely to fuel or expedite an approval soon.<\/span><\/p>\n <\/p>\n <\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\nBitcoin ETF: the Grayscale vs SEC Factor<\/strong><\/h2>\n
Grayscale\u2019s Eventual Win<\/strong><\/h2>\n
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