SEC losing lawsuit will settle tonight, and Bitcoin spot ETFs are getting closer to the US stock market

Cailian News Agency, October 20th (Editor Shi Zhengcheng)As an event that simultaneously affects the financial and monetary circles of the United States,The lawsuit between the US SEC and digital asset management company Grayscale is about to end tonight.Although the failure of securities regulation in the United States means that the likelihood of Bitcoin spot ETFs coming out is a bit higher, the relationship between the two is clearly not simply an equal sign.

Previously Summary: Why Did US Regulation Lose Litigation

As the background of the entire matter, Grayscale launched the Grayscale Bitcoin Trust (GBTC) in the over-the-counter OTC market in 2015, which was also the first Bitcoin fund in the US market to be traded in the open market. As of June 30th this year,There are a total of 625800 Bitcoins on the GBTC account, accounting for approximately 3% of all Bitcoins currently in the worldIt is sufficient to demonstrate its market position.

In the past few years, Grayscale has made multiple attempts to convert Bitcoin trust funds into Bitcoin spot ETFs, but the most recent attempt was rejected by the SEC in 2022, stating that such assets lack sufficient supervision to detect fraudulent behavior. Subsequently, Grayscale's US regulatory case was filed in court,Believing that the Bitcoin futures ETF previously approved by the SEC essentially belongs to the same category of assets as the Bitcoin spot ETF applied for by the companyWe should not approve the former and reject the latter.

Subsequently, on August 29th of this year, the Washington D.C. court ruled in support of Grayscale's opinion and criticized itSEC approval is' arbitrary and capricious'.

What will happen next?

1020.

SEC1013.So according to legal procedures, this judgment will take effect in 7 days - today.SEC.

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It should be noted that,SECGrayscaleETFSECSEC.

But if the SEC chooses to release, it will meanThe US securities market will welcome Bitcoin spot ETFs for the first time in historyETF.SECRegulatory authorities have approximately 8-10 applications for Bitcoin spot ETFs.

SECGrayscale.

It is worth mentioning that,GrayscaleSECS-3GBTCS-1..

(Source: SEC)

Market response

GrayscaleETFGBTCOTC.GBTC50%10%.

(Source: Grayscale)

The enthusiasm of the capital market for this event can also be seen from this Monday's oolong incident,Influenced by rumors of "BlackRock Bitcoin ETF approval", Bitcoin soared by $2000 at one point.295008%.

(Bitcoin 15 minute line, source: TradeView)

Sean Farrell, Director of Digital Asset Strategy at Fundstrat, stated that,From the market's response to this false news, it can be seen that the benefits of Bitcoin ETFs have not been fully priced by the market.Only a very small amount of funds is needed to trigger significant fluctuations in Bitcoin prices.