The Washington, D.C. court has advanced the date for Grayscale's lawsuit against the Securities and Exchange Commission (SEC). At 9:30 a.m. on March 7 in the eastern part of the United States, the United States Securities and Exchange Commission (SEC) will ask for a verbal argument about refusing to convert Grayscale Bitcoin Trust into Bitcoin ETF.
According to a court order on January 23, the Washington, D.C. court of action has listed March 7 as the date for Grayscale to solicit oral arguments in the lawsuit against the United States Securities and Exchange Commission (SEC).
The oral argument is expected to gradually evolve in the second quarter of 2023. However, according to CNBC's report on January 24, the court has made a prediction of the lawsuit, and each other will submit the case to the court at 9:30 a.m. on March 7 in the eastern part of the United States.
Grayscale filed a lawsuit with the United States Securities and Exchange Commission in June 2022. The application for converting Grayscale Bitcoin Trust (GBTC) into Bitcoin ETF was rejected. The SEC cited the anxiety about industry control and investor protection as the reason for refusing to handle.
This move may have been made after Genesis Capital, a sister enterprise of Grayscale, filed for bankruptcy last week. Due to the bankruptcy of FTX, Genesis suspended the withdrawal, redemption and new lending.
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In addition, investors' anxiety about GBTC's discount earnings ratio, which has been developing continuously since the bankruptcy of Genesis, has increased sharply. At this stage, the negative premium rate of GBTC trading is 41.5%, and the total assets under management is US $14.5 billion.
Valkyrie Investments and Osprey Equity Fund have proposed to take over the title sponsorship and management of Grayscale Bitcoin Private Equity Fund (GBTC). These enterprises claim that this will give the best choice to the shareholders of the company, thus reducing the management costs and redemption plan.
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