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🥁 Court Rules that SEC Must Review Grayscale's ETF Bid

NFTs might be securities, the next bull market isn't a guarantee, DCG reaches agreement with creditors, and more!

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The BEN Team
August 29, 2023

Read time: 4 minutes

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🥁 Court Rules that SEC Must Review Grayscale's ETF Bid

So Grayscale Investments launched a product in 2013 called the Grayscale Bitcoin Trust (GBTC), where accredited investors can “hold” Bitcoin by buying shares in the trust instead of buying Bitcoin directly. They currently manage over $16 billion!

In 2021, they applied to convert GBTC into a Bitcoin spot exchange-traded fund (ETF), which we mentioned in a previous newsletter would be game-changer for the crypto space. Basically, being able to buy Bitcoin through traditional means, i.e. like a stock on Nasdaq, would be very bullish for family offices and large institutional investors.

They wouldn’t have to worry about how to store their Bitcoin and wouldn’t need to deal with reporting crypto taxes, they can just report it like regular stock

But in June 2022, Grayscale’s application was rejected by the U.S. Securities and Exchange Commission (SEC) on the account that Bitcoin is still too small and could be subject to market manipulation.

However, just today, the United States Court of Appeals for the DC Circuit sided with Grayscale.

This means that the SEC will have to take another look, and Grayscale’s Bitcoin ETF could be the first spot Bitcoin ETF in the US.

Bitcoin is up 6.8% today, coincidence 🤔?

Meme Break 🤡

Trending News 🗞️

1- NFTs Are Securities?
The SEC's charge against Impact Theory's NFTs as unregistered securities raises eyebrows. With $6.1M in penalties, is the future of NFTs as investments at stake?

2- Top Trader Issues Crypto Warning, Says Next Bull Market Not a Guarantee
Flow Horse doubts another crypto bull market, while Chris Burniske believes it's imminent. Their contrasting views highlight the uncertainty in the crypto community's future trajectory.

3- XRP’s network activity shrinks, but traders remain unmoved
XRP's network activity and trader confidence are waning, yet a positive funding rate indicates lingering optimism for its future price. The mixed signals pose a question: can bullish sentiment alone keep XRP afloat?

4- DOJ Wants SBF's Proposed Expert Witnesses Barred From Testifying at FTX Trial
The DOJ wants to bar Sam Bankman-Fried's expert witnesses; what explosive insights are they trying to keep from the jury?

5- The Decentralised: Tornado Cash storm, Solana’s signs of life
Tornado Cash founders charged by the DOJ and Solana's resurgence: what seismic shifts are these developments signaling in the crypto space?

6- DCG Reaches Preliminary Agreement with Genesis Creditors, Offering Potential 70%-90% Recovery
Digital Currency Group in hot water: Genesis files for bankruptcy owing $3.5 billion, while facing a lawsuit from Gemini for fraud. How will a new settlement deal shape the future for DCG and its creditors?

7- Mickey Mouse Joins Disney Cryptoverse with $40 NFT Collection
Cryptoys joins forces with Disney for a limited-edition NFT collection featuring Mickey and Friends, with special rewards for complete sets. Following Star Wars NFTs and a $23M Series A round, this collaboration expands Cryptoys' growing universe of digital collectibles.

8- As New PEPE Coin Shoots Up 10,000%, Crypto Whales are Buying This Other Meme Coin Before it Lists on Exchanges
Pepe coin skyrockets 10,000% amid community drama, but can it hold its value? As early backers rake in 12,000% profits, smart money shifts to Wall Street Memes' upcoming launch, already boasting $25M in presale and a million-strong community.

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