Fireworks in the Grayscale Bitcoin ETF Lawsuit as Judge Visibly Rattles SEC Attorney

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 8 March 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Last year, Grayscale, a CoinDesk sister company, filed suit against the Securities and Exchange Commission after its proposal to convert the Grayscale Bitcoin Trust into a bitcoin spot exchange-traded fund was rejected. Today the hearing began, and the SEC was almost immediately put on the defensive. In this episode, NLW explains the background of the SEC and bitcoin ETFs, the specifics of the Grayscale case and how the community is reacting to today's hearing. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Nuthawut Somsuk/ Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is produced and distributed by CoinDes.
0:20.3	What's going on, guys? It is Tuesday, March 7th, and today we are giving the full
0:24.4	background on Grayscale's case against the SEC.
0:28.7	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:32.2	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:35.8	come join us on the Breakers Discord.
0:41.0	You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:45.6	All right, guys, important things happening today, good things even.
0:50.3	And no, I'm not referring to Jerome Powell's testimony on the Hill, although that's certainly the thing with the biggest impact on markets.
0:52.9	Joe Wisenthall from Bloomberg summed up,
0:54.6	Powell comes in hawkish and brings 50 basis point moves back to the table, and the S&P 500 falls
0:59.5	just half a percent. We'll have the full story on that tomorrow, and perhaps even later today
1:03.7	on the breakdown's YouTube channel, which, by the way, if you are not subscribed to,
1:07.7	I've started producing content just for YouTube again, which will sometimes
1:11.3	get you news even faster than the pod can. Go search the breakdown NLW or just Nathaniel
1:16.1	Whitamore on YouTube, and I'm sure you'll find it. Anyway, no, the important thing happening
1:20.1	today is a hearing in the case of grayscale suing the SEC around the denial of its application
1:26.0	to convert the grayscale Bitcoin trust into a Bitcoin
1:28.3	Spot ETF. Now, this is certainly relevant to the industry in the specifics of the case.
1:33.9	The dynamics around GPTC have a huge implication for the Bitcoin market as a whole. But I also
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