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Grayscale Investments, which has been seeking to convert its Bitcoin (BTC) trust into a spot Bitcoin exchange-traded fund, could be getting a decision on its lawsuit against the federal securities regulator before the week\u2019s end.<\/p>\n
In an Aug. 11 Twitter post, Scott Johnsson, a general partner of Van Buren Capital explained that law clerks in the United States District Courts generally cycle out in August, pushing judges to clear out the caseload \u201cbefore the new guard arrives.\u201d <\/p>\n
He noted<\/a> that 30 out of 32 cases in March of 2021 and 2022 were heard by United States District Courts within 160 days of oral testimony, which also landed them in August, adding that it has also been 160 days since Grayscale delivered its oral arguments in its suit\u00a0against the United States Securities and Exchange Commission on March 7.<\/p>\n March ’21\/’22 cases with decisions within 160 days of oral: 30\/32 (94%)<\/p>\n Days since Grayscale (March ’23) oral: 160 days<\/p>\n Why should we expect August? Because law clerks for DC generally cycle in\/out this month, so judges aim to clear prior caseload before the new guard arrives. https:\/\/t.co\/vVj0dHus90<\/p>\n \u2014 Scott Johnsson (@SGJohnsson) August 14, 2023<\/a><\/p><\/blockquote>\n As of now, including Grayscale, there are only a small number of unresolved March-argued cases that remain, Johnsson added.<\/p>\n Meanwhile, Bloomberg analyst James Seyffart says the decision could even come as early as Aug. 15, noting the date has been his \u201ctheoretical Grayscale lawsuit decision date\u201d for some time.<\/p>\n 8\/15 has been my theoretical Grayscale lawsuit decision date for a while now but it\u2019s really just an educated guess. I didn\u2019t even do detailed analysis on the court decisions like @SGJohnsson<\/a> did. But I did a little bit of it and also had convos with @NYCStein<\/a> about timelines<\/p>\n\n
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