NEW: The Grayscale Bitcoin Trust is popping higher as an appeals court questioned the SEC's logic in drawing a distinction between bitcoin spot and futures prices during a hearing on Grayscale's bid to convert GBTC to an ETF. $GBTC nikhileshde reports
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.A panel of judges appeared skeptical of the U.S. Securities and Exchange Commission's arguments during an appeals court hearing in Grayscale's ongoing bid to convert its bitcoin trust into an exchange-traded fund .
Chief Judge Sri Srinivasan and Judges Neomi Rao and Harry Edwards of the D.C. Circuit Court of Appeals asked SEC Senior Counsel Emily Parise a number of questions about the agency's argument that bitcoin futures prices underlying futures ETFs were more resistant to manipulation than spot bitcoin markets might be if a spot bitcoin futures ETF was approved.
In the SEC's view, said Parise, the 99% correlation does not equate to causation, saying that figure only refers to once-a-day prices rather than intraday prices. She had earlier already mentioned that in the SEC's opinion,"it is undisputed" that spot markets for bitcoin are fragmented, in contrast with bitcoin futures which trade solely on CME.
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