A lawyer working for Grayscale Investments asked to meet with the Securities and Exchange Commission "as soon as practical" in a Tuesday letter that prodded the regulator to approve the conversion of Grayscale’s bitcoin trust into a spot bitcoin exchange-traded fund.
In the hours following the court decision, bitcoin rose 8% and briefly touched $28,000. But within 48 hours bitcoin gave back those gains and the rally soon fizzled. "We must not get too excited, too carried away," Ric Edelman, founder of the Digital Assets Council of Financial Professionals, told Yahoo Finance on Tuesday. "The court did not order the SEC to approve these ETFs. The court merely said that its rejection of Grayscale's application was inappropriate."Story continuesTuesday’s letter from his firm’s attorney applied more urgency, arguing that any further delay would harm investors.
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SEC has 'variety of options' to delay Grayscale bitcoin ETF: DACFP FounderGrayscale was handed a victory in a federal appeals court last week with officials ruling the SEC to reconsider the crypto company's application to convert its bitcoin trust (GBTC) into an ETF. Digital Assets Council of Financial Professionals Founder Ric Edelman discusses the caution crypto bulls should have on this decision based on the SEC's ability to delay the review process. 'This is simply a vendetta by [SEC Chair] Gary Gensler, there's no legitimacy or justification for the denial of these ETF applications,' Edelman asserts. 'If the SEC can approve 2X inverse funds... [or] single stock ETFs, there's no justification for denying a bitcoin ETF especially since they've already said yes to bitcoin futures ETFs. Gensler is just basically expressing his own personal viewpoint.'
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Bitcoin: Ex-SEC chairman remains optimistic about spot ETF approvalFormer SEC Chairman Jay Clayton is confident that the U.S. will eventually approve a spot Bitcoin exchange-traded fund (ETF) due to growing retail and institutional demand for Bitcoin access.
Source: CryptoAmb - 🏆 22. / 68 Read more »
Spot bitcoin ETF approval unlikely this year, says analystOn this week's episode of Yahoo Finance's The Crypto Mile, our host Brian McGleenon is joined by Lory Kehoe, a former director at Coinbase, the head of Blockchain Ireland, and an adjunct professor at Trinity College Dublin. Lory delves into Grayscale Investments' recent legal win in its pursuit of a spot bitcoin ETF. Just last week, a US Court of Appeals panel ruled that the SEC improperly rejected Grayscale's ETF application without providing an adequate explanation. With the US regulatory body now ordered to review its earlier decision, Lory discusses the ramifications of this pivotal ruling for the future of cryptocurrency investments, including the likelihood of a spot bitcoin ETF being approved in 2024.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
What's in store for the crypto market this SeptemberBitcoin prices (BTC-USD) are down more than 10% over the last month. Yahoo Finance Senior Reporter David Hollerith notes that September tends to be a heavier trading month for bitcoin than August. He also notes that the SEC's response to a judge's ruling on converting the Grayscale Bitcoin Trust (GBTC) to an ETF likely won't happen until October.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »