The Biggest Bitcoin News of the Year!
TL;DR
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The SEC has denied a number of purposes for ‘spot Bitcoin ETFs,’ which permit traders to spend money on Bitcoin with out really holding the coin.
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Garyscale took their case to the U.S. Court docket of Appeals…and on the time of this writing – actually, as of some minutes in the past: A choose ordered a assessment of the case!
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The choice will not be within the arms of the SEC, however as a substitute, the arms of a (hopefully) un-biased third occasion (a choose – or judges).
Full Story
Yesterday’s information cycle sucked – however it’s all been made up for right this moment!
Why’re we so excited? Let’s begin right here…
The SEC has denied a number of purposes for ‘spot Bitcoin ETFs,’ which permit traders to spend money on Bitcoin with out really holding the coin.
I.e. Traders purchase a share of an organization → that firm takes their cash and makes use of it to purchase Bitcoin.
(This technique permits traders to purchase BTC, with out having to fret about navigating regulatory tips – the parents working ETF do it for them).
Now…Grayscale was one of many firms that had its software denied by the SEC.
And so they weren’t too joyful about it.
In order that they took their case to the U.S. Court docket of Appeals…and on the time of this writing – actually, as of some minutes in the past:
A choose ordered a assessment of the case!
Rattling. Okay, looks like that did not hit as arduous as we wished it to.
But it surely ought to hit like a ton of bricks, strapped to an African savanna elephant, hurtling in the direction of you at 100mph in a 40 zone.
The court docket primarily stated to the SEC:
“Your argument as to why this ETF must be denied (the identical one you have been making for a decade) makes completely no sense.
…and within the absence of a coherent argument – that is seen as illegal.”
So what subsequent?
Effectively, there’re a number of avenues it may go down…
However so long as:
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The SEC cannot efficiently enchantment the ruling, and…
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The court docket does not give the SEC a possibility to reject the submitting on totally different grounds
Then all of it primarily results in this:
The choice will not be within the arms of the SEC, however as a substitute, the arms of a (hopefully) un-biased third occasion (a choose – or judges).
If Grayscale can argue a good case as to why this ETF must be green-lit, whereas the SEC continues to bumble incoherently…
We’d have ourselves a spot Bitcoin ETF!
Which might possible appeal to billions of {dollars} of funding into Bitcoin.
(And billions of funding right into a scarce asset often results in large upward value motion).
This – and we will not stress it sufficient – we like to see.
