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Grayscale Wins Its Lawsuit Against The SEC Over Converting Its Fund To A Spot Bitcoin ETF
Today, it was announced that the DC Circuit court of appeals is vacating SEC’s denial of Grayscale’s $GBTC conversion into a spot Bitcoin ETF.
“We agree,” said Circuit Judge RAO. “The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We therefore grant Grayscale’s petition and vacate the order.”
It is important to note that this does not mean GBTC is automatically being converted to a spot Bitcoin ETF, although this victory does bring us one step closer to that reality. The order is being vacated and sent back to the SEC. The SEC now has 45 days to appeal and file for an en banc hearing, which means the case will be heard by all 17 judges on the court instead of just the three that were involved in today’s decision, according to Bloomberg ETF analyst James Seyffart.
“The Commission neither disputed Grayscale’s evidence that the spot and future markets for bitcoin are 99.9% correlated, nor suggested that market inefficiencies or other factors would undermine the correlation…The Commission’s unexplained discounting of the obvious financial and mathematical relationship between the spot and futures markets falls short of the standard for reasoned decision making,” Circuit Judge RAO. continued.
The price of GBTC pumped over 19% on the news and Bitcoin rose above 5%.
Adam Aurand spent nearly a decade of his life stuck in a loop: emergency rooms, psychiatric hospitals, jails, prison, and the streets in and around Seattle.
During that time, he picked up diagnoses of schizophrenia, bipolar disorder, and schizoaffective disorder. He also used opioids and methamphetamine.
Aurand’s life is an example of what happens to many people who experience psychosis in the U.S.: a perpetual shuffle from one place to the next for visits lasting hours or days or weeks, none of them leading to longer-lasting support.
This week on Reveal, reporters who made the recent podcast Lost Patients, by KUOW and The Seattle Times, try to answer a question: Why do America’s systems for treating serious mental illness break down in this way?
The answer took them from the present-day streets of Seattle to decades into America’s past.
You can find Lost Patients wherever you get your podcasts:
NPR: https://www.npr.org/podcasts/510377/lost-patients
Apple Podcasts: https://podcasts.apple.com/us/podcast/lost-patients/id1733735613
Spotify: https://open.spotify.com/show/1avleoc5U4DA7U37GFPzIH
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Obama Calls Kamala, Joe Biden Body Double Theory & Trump Meets Netanyahu After Congress Speech.
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Fri 26Jul24 David Knight Show UNABRIDGED — Paris Train Attacks, 911 Eyewitness Videos, History Shows We CAN Abolish the Fed
Full description with topics by timecode to followFind out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente’s prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show–5282736/support.
Full description with topics by timecode to follow
Find out more about the show and where you can watch it at TheDavidKnightShow.com
If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show
Or you can send a donation through
Mail: David Knight POB 994 Kodak, TN 37764
Zelle: @DavidKnightShow@protonmail.com
Cash App at: $davidknightshow
BTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7
Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silver
For 10% off Gerald Celente’s prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHT
Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show–5282736/support.
July 26, 2024 Heather Cox Richardson
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