Chief Legal Officer @Grayscale. Tweets are my own. Likes and Retweets are not necessarily an endorsement. Disclosure: https://t.co/3whAInMM3p
Mar 25 • 6 tweets • 1 min read
1/ Recently, there’s been a lot of chatter about spot #Ethereum ETFs. I personally am not deterred by it and believe the ETFs should be approved. But right now I want to talk about how I think perceived “lack of SEC engagement” should be viewed at this point:
2/ In the final months leading up to #Bitcoin ETF approval, @Grayscale and others received positive and constructive engagement from the SEC. We had thoughtful conversations and discussed the finer details of creation/redemption procedures, cash v. in-kind, APs, LPs, custody etc.
Jul 28, 2023 • 7 tweets • 2 min read
1/ Yesterday @Grayscale sent a comment letter to $GBTC and other spot #bitcoin ETF files restating that the SEC is in a position to approve all spot bitcoin ETFs *now*, and also commenting on the recently proposed SSAs. This thread clarifies some high-level points of the letter:
2/ First, the SEC is already in a position to approve all spot #bitcoin ETFs. That's because the CME bitcoin futures market already has surveillance sharing through the Intermarket Surveillance Group - a global network of exchanges that share trading information.
Jun 23, 2023 • 26 tweets • 6 min read
1/ There’s been a lot of conversation about @BlackRock’s filings for a spot #bitcoin #ETF. As there should be. The world’s largest asset manager ($8.6t AUM) entering bitcoin is a major milestone that underscores the maturity of #Bitcoin as an asset and its market structure.
2/ Amidst the chatter I’ve seen several flawed or misinformed takes. Here I’d like to present an objective view on how this should be interpreted from the perspective of someone actively involved in litigation to convert our own #bitcoin fund, $GBTC, to a spot bitcoin #ETF.
Jan 13, 2023 • 9 tweets • 4 min read
1/ As part of our suit challenging the SEC's decision to deny $GBTC conversion to a spot #bitcoin#ETF, @Grayscale just filed our Reply Brief with the DC Circuit Court of Appeals. Here’s what you need to know:
2/ This is the next major milestone since we filed the Petition for Review back in June, our Opening Brief in October, and the SEC’s Reply Brief in December. I shared a lot of important additional context earlier this week:
@Grayscale will soon file the next brief in our suit challenging SEC's decision to deny $GBTC conversion to a spot #Bitcoin#ETF. The case is moving swiftly. While timing is uncertain, oral arguments may be as soon as Q2. Final decision in DC Cir. App. Court could come by Fall.🧵
2/ A lot has happened in the #crypto industry since we first filed our lawsuit in June ‘22, but I continue to believe in the strength and merits of our common sense and compelling legal arguments:
Last night our attorneys at Davis Polk sent a letter to the SEC arguing that approval of #Bitcoin futures-based ETFs, but not #Bitcoin spot-based ETFs, like $GBTC, is “arbitrary and capricious,” and therefore in violation of the Administrative Procedure Act (APA).
This is a new argument in the context of $BTC ETFs that wasn’t possible until the approval of the first #Bitcoin futures-based #ETF and subsequent rejection of yet another spot-based ETF. So, what is this new argument?:
