U.Today - U.S.-based asset manager Grayscale has had its paramount court verdict postponed yet again by the U.S. Court of Appeals for Disctrict Columbia Circuit. The court has failed to come up with the decison for the third time in a row.
U.S. court postpones decision for Grayscale v. SEC case yet again
Grayscale, an operator of cryptocurrency-based OTC products ("crypto trusts"), should wait for the decision in its lawsuit against the U.S. Securitites and Exchange Commission for at least four more days. Per the statement of its chief legal officer Craig Salm, the Court of Appeals will not decide on this case today.Salm shared that the next possible day for the verdict will be next Tuesday, Aug. 29, 2023. As such, this is the third time the court has failed to announce the verdict.
As covered by U.Today previously, the community of Grayscale supporters expected this crucial decision to be announced Aug. 15 and Aug. 18. However, in both cases, the announcements were postponed.
As noted by Bloomberg's Eric Balchunas, this process lasts longer than 95% of similar cases in the U.S. court system. The community expects the solution by the end of August before the annual change of clerks in the court begins.
Bitcoin Spot ETF approval to trigger BTC rally?
In the lawsuit, Grayscale has sued the U.S. SEC for rejecting an idea to turn Grayscale Bitcoin Trust (GBTC), a flagship Grayscale product, into a full-stack Bitcoin Spot ETF. Over 15 candidates are awaiting approval of their ETF proposals as of today.Major analysts are certain that the approval of the Bitcoin ETF can introduce digital assets to new groups of large-scale investors. Together with notable liquidity inflow, it might catalyze the price of Bitcoin (BTC) and major altcoins.
Also, this hotly anticipated event can restore trust in cryptocurrencies as a reliable and mature asset class. Should the Bitcoin (BTC) ETF be approved, investing products based on other cryptos will also kick off, analysts say.