Grayscale vs SEC Verdict Could Expedite Bitcoin ETF Approval: Trader

• Andrew Kang tweeted that a decision in the Grayscale vs SEC case is expected in the coming weeks.
• According to Kang, the final decision will potentially expedite Bitcoin ETF approval.
• Justin Slaughter shared that BlackRock’s iShares division is aiming for simultaneous approval with Grayscale.

Prominent crypto trader Andrew Kang tweeted on June 19 that the decision in the Grayscale versus SEC case is anticipated to arrive in the coming weeks. According to Kang, the decision could potentially expedite the approval of a Bitcoin ETF before the required 240-day period. The 240-day period is the maximum timeframe set by the SEC for reviewing and considering an application for a BTC ETF.

Kang added that the current balance of negative headline risk has been offset by a positive one.

The above was in response to Paradigm Policy Director Justin Slaughter, who confirmed that in the case of the D.C. Circuit, decisions are usually delivered approximately 3-5 months after oral arguments. Therefore, an opinion in the Grayscale vs SEC case could potentially arrive at any moment.

Slaughter highlighted that fund management company, BlackRock’s iShares division’s decision to establish a spot Bitcoin exchange-traded fund (ETF) after filing paperwork to the U.S. Securities and Exchange Commission on Thursday.

The director said that by submitting the application, BlackRock increases its likelihood of receiving approval for its ETF application around the same time as Grayscale. This situation proves advantageous for the SEC as it avoids appearing to grant Grayscale a monopoly or potentially “rewarding” a lawsuit against the regulatory body.

Slaughter was curious as to how BlackRock is actually presenting this application in Washington, D.C. Furthermore, he calls out “a lot of people in the Democratic Party” who harbor reservations about cryptocurrencies and also hold unfavorable views towards BlackRock.

He recalled,

There was a point when I thought a lot of the critics of finance in the Democratic Party would see crypto as an ally against large financial institutions. 

However, Slaughter now feels that other segments of the finance industry will advocate for crypto as a legitimate sector to Democrats, rather than “financial reformers”.