SEC Delays Ruling On Grayscale’s Bitcoin ETF Application: Will the Decision Arrive In 3 Days?

Grayscale Investments, the renowned digital asset management firm, is yet to receive a decision from the U.S. Securities and Exchange Commission (SEC) regarding its application to convert its Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF).

Despite surpassing the customary 160-day review period, market participants eagerly await the next batch review scheduled for Friday at 11 am.

According to finance Lawyer Scott Johnsson, August is a crucial month due to the “cycling” of law clerks in the District of Columbia (DC) courts, leading to the potential clearance of pending cases before the arrival of new personnel.

While the decision could extend into September, Johnson suggests August remains a promising timeframe for a ruling.

SEC Set To Determine Fate Of Grayscale’s Bitcoin Trust

Johnsson sheds light on similar cases in the past two years, highlighting the significance of the 160-day norm and the reasons behind the close monitoring of the situation.

From March 2021 to March 2022, there were a total of 32 cases that underwent oral arguments within the 160-day timeframe.

Impressively, 30 out of those 32 cases, accounting for 94%, received their decisions within the stipulated period. This data underscores the expectation that decisions are generally rendered within a reasonable timeframe, as established by precedent.

Grayscale’s case, which had its oral arguments in March 2023, has reached the 160-day mark since the hearing.

Given historical patterns and the industry’s anticipation, the upcoming batch review on Friday at 11 am holds particular significance. Market participants and stakeholders eagerly await the SEC’s ruling, which will shape the cryptocurrency market’s future and potentially pave the way for the long-awaited Bitcoin ETF.

While the focus remains on August for a possible decision, it is essential to note that the ruling could extend into September.

However, law clerks cycling in and out of the DC courts during August adds an element of expectation. Judges often aim to clear pending cases before the new guard arrives, making August suitable for pot

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Author: Ronaldo Marquez

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