🚨 Today at 2 PM in Cuba, the SEC President, Gary Gensler, is expected to provide some clues about the current situation of the #Bitcoin spot #ETF requested by Grayscale All details on this #threadstorm
🚨 Today at 2 PM in Cuba, the SEC President, Gary Gensler, is expected to provide some clues about the current situation of the #Bitcoin spot #ETF requested by Grayscale All details on this #threadstorm
1/ Grayscale won the lawsuit against the SEC for its Bitcoin spot ETF. The SEC has to make a decision today on their request. What does this mean for the cryptocurrency market?
3/ The SEC has rejected all cryptocurrency ETF applications so far, citing vulnerability to manipulation and fraud. Grayscale applied in 2021, but the SEC denied it.
4/ Due to this, Grayscale sued the SEC in federal court, arguing that their ETF was similar to Bitcoin futures the SEC had approved. The court ruled in favor of Grayscale and overturned the SEC's decision
5/ The SEC has to review Grayscale's request and issue a new decision today, according to legal deadlines. If approved, it would be the first Bitcoin spot ETF in the U.S. If rejected, it would be another disappointment for the sector.
6/ Approval of Grayscale's ETF could boost the price and adoption of Bitcoin, creating greater demand and confidence in the cryptocurrency. Rejection could lead to a temporary price drop and loss of confidence.
7/ The effect of the SEC's decision also depends on how the market reacts and the sector evolves. Other factors influence Bitcoin's price and adoption, such as supply and demand, relevant news, and technical and fundamental d
evelopments
8/ There are other spot ETF applications under SEC review, including those from BlackRock, ARK Invest, Bitwise Asset Management, VanEck, WisdomTree, Fidelity, etc. The SEC may approve some or all of these requests in the coming months.
9/ In conclusion, Grayscale's lawsuit against the SEC is a significant event for the future of Bitcoin spot ETFs in the U.S. and for the development of the cryptocurrency market in general.
10/ The court's decision has given Grayscale a new opportunity for SEC approval, but it doesn't guarantee that it will happen. We'll be watching what the SEC says today.
That's all folks, a quick summary to understand what will happen this afternoon. If you liked it, don't forget to give me a ♥️🔄🗣️
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