On The Brink with Castle Island
Weekly Roundup 09/01/23 (SEC loses vs Grayscale, Impact Theory implications) (EP.447)
Aug 31, 2023
Tether's interventionist actions and regulatory immunity, SEC's court loss to Grayscale and its future implications, lack of reported deals in cryptocurrency industry and SEC's ongoing litigation with Binance
32:46
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Quick takeaways
- The SEC's denial of Grayscale's ETF and the court ruling stating it was arbitrary and capricious could pave the way for the approval of spot ETFs and other pending Bitcoin ETFs.
- The dismissal of the SEC's case against Impact Theory highlights the need for more clarity in applying securities laws to NFTs and other collectibles.
Deep dives
Legal victory for Grayscale in SEC lawsuit
In a resounding win for Grayscale, the SEC's denial of their ETF has been deemed arbitrary and capricious by a court ruling. The judges highlighted the inconsistency of the SEC approving futures-based ETFs while denying spot-based ETFs, highlighting the interconnectedness of the markets. The decision could pave the way for the approval of spot ETFs and potentially other pending Bitcoin ETFs.
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