Unchained

Grayscale v. SEC: Who Won This Week’s Hearing? - Ep. 465

Listen Later

Elliott Stein, senior litigation analyst at Bloomberg Intelligence, shares his insights from a court hearing this week on the SEC’s rejection of Grayscale’s bid to convert GBTC into a spot bitcoin ETF. Stein says federal appellate court judges seemed skeptical of the SEC’s arguments for why bitcoin futures ETFs are OK while bitcoin spot ETFs aren’t. Who’s likely to win the case and what does it mean for the crypto industry as a whole?



Show highlights:

  • why Grayscale filed the lawsuit against the SEC
  • why Grayscale believes that a bitcoin futures ETF is essentially the same as a spot ETF
  • what the SEC disagrees
  • why the judges pushed back against the SEC’s arguments
  • why Elliott changed his mind about who will win the case after the hearing
  • what would happen if Grayscale ends up winning the lawsuit and whether the SEC could go back on its previous approvals
  • whether other companies applying for a bitcoin spot ETF would benefit from Grayscale winning the case
  • whether this case could have an impact on the jurisdictional battle between the SEC and the CFTC
  • why Elliott is keeping an eye on other cases such as Ripple, Terraform Labs, and insider trading at Coinbase



    • Thank you to our sponsors!

    Crypto.com

    Railgun DAO 

    Previous coverage of Unchained on Grayscale and GBTC: 
    • Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF
    • $5 Billion in AUM: Why Growth at Grayscale Exploded in the Last Quarter
    • Bitwise's Latest Plans to Get a Bitcoin ETF Approved
    • DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?
    • Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
    • ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis
      • Guest

      Elliott Stein, Senior Litigation Analyst for the Financials Sector at Bloomberg Intelligence

      • Twitter


      Links
      • CoinDesk: 
      • Judges Express Skepticism of SEC Arguments in Grayscale Bitcoin ETF Hearing
      • A Dozen Reasons Why the SEC Should Have Approved Grayscale's Spot Bitcoin ETF
      • Axios: Judges question SEC rejection of Grayscale's spot bitcoin ETF
      • Reuters: US court questions SEC's rejection of Grayscale's bitcoin fund proposal
      • Don Verrilli

        • Learn more about your ad choices. Visit megaphone.fm/adchoices

        ...more
        View all episodesView all episodes
        Download on the App Store
        UnchainedBy Laura Shin
        • 4.6
        • 4.6
        • 4.6
        • 4.6
        • 4.6

        4.6

        1,185 ratings

        More shows like Unchained

        View all
        The a16z Show by Andreessen Horowitz

        The a16z Show

        1,107 Listeners

        Real Vision: Finance & Investing by Real Vision Podcast Network

        Real Vision: Finance & Investing

        906 Listeners

        CRYPTO 101 by Bryce Paul & Brendan Viehman

        CRYPTO 101

        41 Listeners

        The Breakdown by Blockworks

        The Breakdown

        739 Listeners

        The Pomp Podcast by Anthony Pompliano

        The Pomp Podcast

        1,841 Listeners

        Thinking Crypto News & Interviews by Tony Edward

        Thinking Crypto News & Interviews

        248 Listeners

        What Bitcoin Did by Danny Knowles

        What Bitcoin Did

        277 Listeners

        Bankless by Bankless

        Bankless

        1,052 Listeners

        The Wolf Of All Streets by Scott Melker

        The Wolf Of All Streets

        238 Listeners

        All-In with Chamath, Jason, Sacks & Friedberg by All-In Podcast, LLC

        All-In with Chamath, Jason, Sacks & Friedberg

        10,205 Listeners

        Empire by Blockworks

        Empire

        167 Listeners

        Coin Stories with Natalie Brunell by Natalie Brunell

        Coin Stories with Natalie Brunell

        444 Listeners

        Raoul Pal: The Journey Man by Real Vision Podcast Network

        Raoul Pal: The Journey Man

        130 Listeners

        Forward Guidance by Blockworks

        Forward Guidance

        271 Listeners

        Bell Curve by Blockworks

        Bell Curve

        33 Listeners