GBTC & The SEC Lawsuit with James Seyffart - WBD664

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.


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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.