MARKETS DAILY: Featured Story | The Real Reasons the Grayscale Bitcoin ETF Decision Matters
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 3 September 2023
⏱️ 6 minutes
🧾️ Download transcript
Summary
The U.S. Court of Appeals, in rebuking the securities watchdog, shows that Securities and Exchange Commission Chair Gary Gensler won’t get the last word on crypto.
Today's episode is sponsored by Kraken Pro and Simpluris.
Today’s featured story is an opinion piece from CoinDesk’s Daniel Kuhn, titled: “The Real Reasons the Grayscale Bitcoin ETF Decision Matters.”
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This episode was hosted by Michele Musso. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey.
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Transcript
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| 0:00.0 | This episode of Markets Daily is sponsored by Cracken and Simplers. |
| 0:08.8 | It's Sunday, September 3rd, 2023, and this is Markets Daily from CoinDesk. Hi, I'm Michelle |
| 0:14.5 | Musa here with your featured story. On today's show, we're taking a deeper look at what the |
| 0:18.8 | grayscale Bitcoin ETF decision means |
| 0:21.3 | for the crypto industry. And just a reminder, CoinDesk is a news source and does not provide investment |
| 0:26.8 | advice. |
| 0:32.8 | Today's piece comes from CoinDesk's Daniel Kuhn. We'll be using Wondercraft AI to read the story. |
| 0:39.2 | The piece is titled The Real Reasons the Greyscale Bitcoin ETF decision matters. |
| 0:45.8 | The U.S. is one step closer to having a spot market Bitcoin exchange traded fund, |
| 0:50.2 | ETF, the holy grail of white-glove crypto financial products. |
| 0:58.3 | On Tuesday, a three-judge panel for the U.S. Court of Appeals delivered a crushing interpretation of the securities and exchange commission's logic for denying an ETF, finding the agency |
| 1:03.4 | acted capriciously and arbitrarily. |
| 1:06.5 | Now, that is what crypto folk have been saying for years. |
| 1:09.4 | In particular, the District of Columbia Court of Appeals sided with grayscale investments, |
| 1:13.7 | disclosure Coin Desk's sister company, in its pursuit to transition the massive grayscale |
| 1:18.1 | Bitcoin Trust, GBT, into an ETF. |
| 1:21.8 | More precisely, the judges granted Grayscale's petition for review, meaning the SEC will |
| 1:26.0 | have to review Grayscale's previously |
| 1:27.5 | rejected ETF application, and maybe come up with better reasons for denying it again. |
| 1:32.6 | Crypto is salivating not only over the court's pro-ETF ruling, but also its anti-SEC comments. |
| 1:37.9 | The top U.S. securities regulator fell, quote, short of the standard, made unexplained calls, |
| 1:42.4 | and, quote, failed to adequately explain, end quote, |
... |
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