Grayscale’s Legal Battle Against the SEC

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 1 July 2022

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. Late Wednesday, the U.S. Securities and Exchange Commission rejected Grayscale’s proposal to convert the Grayscale Bitcoin Trust to a spot bitcoin exchange-traded fund (ETF). Within minutes, Grayscale, a CoinDesk sister company, had filed suit against the SEC about that decision. In this episode, NLW explains why the crypto community is in broad agreement with Grayscale about the inconsistencies in how the SEC approves or rejects bitcoin-related products. (Disclosure: Grayscale is owned by CoinDesk parent Digital Currency Group.) - Nexo is an all-in-one platform where you can buy crypto with a bank card and earn up to 16% interest on your assets. On the platform you can also swap 300+ market pairs and borrow against your crypto from 0% APR. Sign up at nexo.io by June 30 and receive up to $150 in BTC. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - 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 by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Svenja-Foto/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, near an FTX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Thursday, June 30th, and today we are talking about
0:28.1	grayscale, suing the Securities and Exchange Commission of the United States of America.
0:35.2	Before we get into that, however, if you are enjoying the breakdown,
0:38.1	please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper
0:42.8	into the conversation, come join us on the Breakers Discord. You can find a link in the show
0:47.6	notes or go to bit.ly slash breakdown pod. Also, a disclosure, as always, in addition to them being a sponsor of the show, I also
0:55.9	work with FTX. All right, friendos, I am back in the saddle for our everyday shows. I know you've
1:03.2	had a show every day, but I recorded them in advance, as you know, while I was traveling, but here we are.
1:07.7	We are back to normal, and we have a big one today.
1:12.3	A few weeks ago on June 11th, I released a show called Crypto's Appetite for Legal Battles
1:17.7	is Growing.
1:18.9	The thesis was basically that it seemed like a number of different firms and institutions
1:23.5	in the space were coming to the conclusion that they were going to have to use courts to
1:28.1	force decisions on important issues. A week later, on June 18th, I had occasion to publish
1:34.4	why Coin Center is suing the U.S. government. The advocacy firm's lawsuit was against the
1:40.1	U.S. Treasury Department and the IRS, and is focused on what they argue is an unconstitutional
1:45.3	surveillance provision in last summer's infrastructure bill. That is obviously going to be
1:50.5	hugely important even for people who aren't just focused on the crypto industry. Still,
1:55.5	the biggest motivation behind the thesis of that initial show was the announcement that Grayscale had retained Donald
	...

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