The Securities and Exchange Commission (SEC) has delayed its decision on Grayscale’s request to convert its Bitcoin Trust (GBTC) to an exchange-traded fund (ETF). The decision is expected to be given on August 18 (Friday), as its case reaches the 160-day mark since an oral speech was given in March.
Amid uncertainties over the SEC’s ruling, Grayscale announced a job position for a Senior Associate, to its ETF team. Which triggered some speculation in the market, relating the announcement to the awaited decision.
Our ETF team is hiring. ?https://t.co/FtM1VM0AcW
— Grayscale (@Grayscale) August 17, 2023Grayscale demanded SEC rule with a fair and consistent approach to all issuers. Challenging SEC’s acceptance of leveraged Bitcoin futures ETFs while rejecting spot Bitcoin ETF applications, a decision Grayscale deems as inconsistent and arbitrary.
BTC 1-day price chart. Source: Finbold
A positive outcome for Grayscale could positively impact Bitcoin’s price in the near future, but the same remains true for a negative outcome if the SEC rejects the appeal. Although, the quantity of this effect will further depend on the general sentiment on the wider crypto market, and news surrounding the BTC ecosystem.
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