1 hr 15 min
GBTC & The SEC Lawsuit with James Seyffart What Bitcoin Did with Peter McCormack
-
- Investing
“The judges might issue a ruling that says, “You violated the APA. You did not treat situations alike.” And then say, “Go back to the drawing board.” And then the SEC could then just deny for other reasons... So Grayscale might win the case and then still not be able to convert to an ETF.”— James Seyffart
James Seyffart is an analyst for Bloomberg Intelligence covering ETFs. In this interview, we discuss the how and why of ETFs, Grayscale’s legal battle with the SEC over the approval of a Bitcoin ETF, and the complexities of Grayscale implementing a redemption program for GBTC. We also talk about the role of the SEC in regulating Bitcoin and Gary Gensler’s political ambitions.
- - - -
In two months' time, it will be the 10-year anniversary of the Winklevoss Twins making the first submission to the SEC for a Bitcoin spot ETF. When the SEC rejected this in 2017, it seemed as though it was a temporary blip, and that a US Bitcoin spot ETF would inevitably be approved. And yet, the SEC has rejected a raft of subsequent applications, and many more sit in Gary Gensler’s inbox awaiting a decision.
Grayscale has decided to test the SEC's stance in court. Whilst there are various opinions as to the underlying motivation for Grayscale taking on this case, there is no doubt that this is the best test of the SEC's current intransigence in relation to a Bitcoin spot ETF.
Bloomberg Intelligence’s James Seyffart, an ETF expert, provides his informed opinion on the current status of Grayscale’s case, the likelihood of the SEC losing the case, and whether this will affect the SEC's position of a Bitcoin spot ETF. He also sets out why the SEC is so reluctant to approve what many in the community believe would open up Bitcoin to a new massive wave of adoption.
- - - -
This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidence-----
WBD664 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“The judges might issue a ruling that says, “You violated the APA. You did not treat situations alike.” And then say, “Go back to the drawing board.” And then the SEC could then just deny for other reasons... So Grayscale might win the case and then still not be able to convert to an ETF.”— James Seyffart
James Seyffart is an analyst for Bloomberg Intelligence covering ETFs. In this interview, we discuss the how and why of ETFs, Grayscale’s legal battle with the SEC over the approval of a Bitcoin ETF, and the complexities of Grayscale implementing a redemption program for GBTC. We also talk about the role of the SEC in regulating Bitcoin and Gary Gensler’s political ambitions.
- - - -
In two months' time, it will be the 10-year anniversary of the Winklevoss Twins making the first submission to the SEC for a Bitcoin spot ETF. When the SEC rejected this in 2017, it seemed as though it was a temporary blip, and that a US Bitcoin spot ETF would inevitably be approved. And yet, the SEC has rejected a raft of subsequent applications, and many more sit in Gary Gensler’s inbox awaiting a decision.
Grayscale has decided to test the SEC's stance in court. Whilst there are various opinions as to the underlying motivation for Grayscale taking on this case, there is no doubt that this is the best test of the SEC's current intransigence in relation to a Bitcoin spot ETF.
Bloomberg Intelligence’s James Seyffart, an ETF expert, provides his informed opinion on the current status of Grayscale’s case, the likelihood of the SEC losing the case, and whether this will affect the SEC's position of a Bitcoin spot ETF. He also sets out why the SEC is so reluctant to approve what many in the community believe would open up Bitcoin to a new massive wave of adoption.
- - - -
This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidence-----
WBD664 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
1 hr 15 min