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Unchained

Does Grayscale’s Win Against the SEC Mean a Spot Bitcoin ETF Will Be Approved? - Ep. 539

Sep 1, 2023
This week, Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence, dives into Grayscale's recent legal victory against the SEC and its implications for a spot Bitcoin ETF. He discusses why the approval likelihood has surged from 50% to 75% and the potential influx of investment that could follow. Eric unpacks the SEC's possible responses, the competition among major firms like BlackRock and Fidelity, and how a spot ETF could serve as a bridge for Baby Boomers into the crypto world.
47:45

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Grayscale's win against the SEC in converting its bitcoin trust to an ETF has increased the likelihood of a spot bitcoin ETF approval
  • The approval of a spot Bitcoin ETF would provide a bridge for Baby boomers to invest in crypto

Deep dives

Legal troubles intensify for former FTX CEO Sam Bankman-Fried

The US Department of Justice (DOJ) filed a motion to bar expert witnesses in Sam Bankman-Fried's defense and criticized his advice of counsel defense strategy. Bankman-Fried's legal team appealed for more extensive pretrial release measures and objected to additional discovery evidence introduced by the DOJ. The CEO of Advocacy Firm Blockchain Association warned that the regulations proposed by the US DOJ and IRS to tighten tax reporting requirements for crypto transactions must be tailored to not capture ecosystem participants that don't have a pathway to compliance.

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