Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

Welcome back to a special late-breaking episode of The Breakdown.

Today we received a decision which the crypto industry has been waiting for with absolutely

bated breath.

At 1023 this morning, Fox Business Reporter Eleanor Territ tweeted,

Breaking, a DC court of appeals has granted Grayscale's petition for review to convert

its grayscale Bitcoin trust

into a spot Bitcoin ETF and has ordered the SEC's order to be vacated. So what we're going to do

today is break down what this case was about, the background and how it came to be, the immediate

reactions from the community, the specifics of the decision, the immediate reactions of the community,

and what happens next?

To understand the context, let's actually go back in time a little bit all the way to last June, June 7th,

2022. On that day, Grayscale tweeted, as we enter the final month before our responses due on our

application to convert Grayscale Bitcoin Trust into an ETF, we have retained

Donald B. Varelli Jr., former Solicitor General of the United States, as additional legal counsel.

Grayscale continued, we want to ensure that we have the strongest possible team of legal

minds ready to support our Bitcoin ETF application. Verili will serve as senior legal strategist.

He is one of the nation's most experienced attorneys

with a deep understanding of legal theory, administrative procedure, and the practical matters

of working with the judiciary branch. Over the course of his career, he has argued more than

50 cases with the United States Supreme Court, including several that dealt directly with

...