GBTC & The SEC Lawsuit with James Seyffart - WBD664

The Peter McCormack Show

Peter McCormack

Power, Politics, Government, Markets, News, Society & Culture, Technology, Society, Inflation, Finance, Bitcoin, Economics, Money

4.7 • 2.8K Ratings

🗓️ 29 May 2023

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

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Summary

James Seyffart is an analyst for Bloomberg Intelligence covering ETFs. In this interview, we discuss the how and why of ETFs, Grayscale's legal battle with the SEC over the approval of a Bitcoin ETF, and the complexities of Grayscale implementing a redemption program for GBTC. We also talk about the role of the SEC in regulating Bitcoin and Gary Gensler's political ambitions.

- - - -

In two months' time, it will be the 10-year anniversary of the Winklevoss Twins making the first submission to the SEC for a Bitcoin spot ETF. When the SEC rejected this in 2017, it seemed as though it was a temporary blip, and that a US Bitcoin spot ETF would inevitably be approved. And yet, the SEC has rejected a raft of subsequent applications, and many more sit in Gary Gensler's inbox awaiting a decision.

Grayscale has decided to test the SEC's stance in court. Whilst there are various opinions as to the underlying motivation for Grayscale taking on this case, there is no doubt that this is the best test of the SEC's current intransigence in relation to a Bitcoin spot ETF.

Bloomberg Intelligence's James Seyffart, an ETF expert, provides his informed opinion on the current status of Grayscale's case, the likelihood of the SEC losing the case, and whether this will affect the SEC's position of a Bitcoin spot ETF. He also sets out why the SEC is so reluctant to approve what many in the community believe would open up Bitcoin to a new massive wave of adoption.

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Transcript

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0:00.0	judges might issue a ruling that says like you violated the APA like you did not treat like situations and like and then say go back to the drawing board and then the SEC could then just deny for other reasons.
0:20.0	Grayscale might win the case and then still not be able to convert to an EDF.
0:24.3	Hello there, how are you all? I am back in the UK. I am back in Bedford, the home
0:29.9	Bitcoin. It's good to be home. I had an amazing time in Miami and I just want to give a big
0:34.1	shout out to my entire team. It worked so hard to pull this all together. I really appreciate
0:38.6	everything they've done. Anyway, welcome to the What Bitcoin did podcast, which is brought to you by Iris Energy, the largest
0:44.7	NASDAQ listed Bitcoin miner using 100% renewable energy. Today on the show we have James
0:49.7	Safar. Now James came highly recommended from my good friend Steve McClurg he told us he is the man on
0:55.8	ETS and as always Steve was right we've covered GPTC a few times on the show
1:01.3	but clearly people have very specific views. We've got Sunnishai's
1:04.8	perspective, we've had David's Bailey's perspective on the other side so it's great to have
1:09.0	James on the show, someone who is a journalist who looks at it from more of a centrist position. Now I think you're going to love
1:14.7	this one but hit me up if you have any questions or feedback. My email is how at
1:18.0	what Bitcoin did.com and also a few Osse's down under I'm coming I'm come to
1:22.0	see you and come to see the
1:22.8	kangaroos you can keep your spiders and your snakes but we're coming down me
1:26.6	Danny we're gonna come and make a live podcast it's gonna be in Sydney
1:29.7	September the 9th if you want to grab a ticket head over to what Bitcoin did
1:33.2	and click on WBD live. All right enjoy the show. When I launched it there
1:40.1	was it was me I had this little pelly case that was about this big.
1:45.0	You'd get two mics in there, two mics stands, a Zoom H6 which we don't have.
1:51.0	Actually, no little handheld steps, wasn't it?
	...

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