Bitcoin ETF Saga: Grayscale Sues SEC Over Failure to Grant BTC ETF Conversion
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In its filing on the matter, the Securities and Exchange Commission explained that Grayscale’s ETF application failed to prove that it was not “designed to prevent fraudulent and manipulative acts and practices” and “protect investors and the public interest.”
The giant crypto management firm applied for a conversion of its GBTC asset line to a spot ETF last year. At the time, the company noted that it would take the SEC to court if it refused to assent to its bidding and called on the public to support its decision. The deadline set for the Commission to give a ruling was July 6, after several postponements.
Commenting on the latest legal development, Grayscale CEO Michael Sonnenshein explained:
“Grayscale supports and believes in the SEC’s mandate to protect investors, maintain fair, orderly, and efficient markets and facilitate capital formation – and we are deeply disappointed by and vehemently disagree with the SEC’s decision to continue to deny spot Bitcoin ETFs from coming to the US market.”
A court ruling on the case is expected to materialize between Q3 2023 and Q1 2024. Also, the court case faces the real possibility of heading to the Supreme Court.
Key Bitcoin Levels to Watch — June 30
Bitcoin has lost the $20K foothold again, as the benchmark cryptocurrency slumped below the $19K mark on Thursday amid a sell-off on Wall Street. The cryptocurrency is now exposed to a bearish push towards the $17K mark as sellers continue to pile.
BTC has ignored oversold indications from the stochastic technical tool with the stochastic lines below the 20.00 support. With the weekend looming, Bitcoin might collapse further as the crypto winter blows hard.
Meanwhile, my resistance levels are at $20,000, $21,000, and $22,000, and my key support levels are at $18,000, $17,500, and $17,000.
Total Market Capitalization: $850.9 billion
Bitcoin Market Capitalization: $361.5 billion
Bitcoin Dominance: 42.5%
Market Rank: #1
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