Court to hear oral arguments in Grayscale’s lawsuit against the SEC in March

A United States appeals court is set to hear the oral arguments relating to Grayscale Investment’s lawsuit versus the Securities and Exchange Commission (SEC) over its choice to deny Grayscale’s Bitcoin (BTC) spot exchange-traded fund (ETF).

According to a court motion submitted on Jan. 23, both sides will present their arguments at the District of Columbia Court of Appeals on March 7, at 9:30 am local time.

Oral arguments are spoken presentations provided by attorneys summarizing why their customers must win the case. Each party in the event takes turns directly speaking and addressing concerns from the judge and is offered equal amounts of time to do so.

Mark your calendars. Oral Arguments in our case challenging SEC choice to deny $GBTC conversion to an area #bitcoin ETF was simply set up for
* Tuesday, March 7, 2023 @ 930 AM EST *. pic.twitter.com/PMQVUsebMO!.?.!— Craig Salm(@CraigSalm)January 24

, 2023 In a tweet on Jan. 24, Grayscale Chief Legal Officer Craig Salm said

the freshly submitted movement was “welcome news”as they were formerly preparing for oral arguments to be scheduled “as quickly as Q2.”The composition of the argument panel in the Grayscale case will be exposed on Feb. 6, 30 days prior to the date of the oral argument, while the quantity of time for the argument will be set in a different order, according to the motion. Grayscale updates its appeals timeline with the date for the Oral Arguments motion Source: Grayscale started its lawsuit versus the SEC in June after the regulator declined its application to convert its$12 billion Grayscale Bitcoin Trust(GBTC )into a spot-based ETF.Earlier this month

, Grayscale filed a reply brief with the D.C. Court of Appeals, declaring the SEC acted arbitrarily in dealing with spot-traded ETFs differently from futures-traded products and that the SEC surpassed its authority when it rejected Grayscale’s application for a Bitcoin ETF. Related: SEC’s’one-dimensional ‘approach is slowing Bitcoin progress: Grayscale CEO Grayscale CEO Michael Sonnenshein reiterated a comparable point during an interview on CNBC’s Squawk Box on Jan. 24, stating: “It’s important to advise the role

that regulatorslike the SEC play when it concerns financiers. They’re not here to inform investors what to or what

not to invest in. They’re here to ensure all the proper disclosures are made […] so [financiers] understand all the risks associated.””Crypto is here to stay. Regulators are not here to tell financiers what to and what not to invest in. They’re here to guarantee all the proper disclosures are made … so investors understand all the risks associated,”

says @Grayscale @sonnenshein.”That’s really the function of the SEC.”pic.twitter.com/k30y6DewBe!.?.!— Squawk Box( @SquawkCNBC )January 24, 2023 Sonnenshein stated they were” definitely expecting”a choice from the courts concerning its case versus the SEC in”Q2

 or Q3 of this year. “”The discouraging thing for financiers and certainly the Grayscale team is that we’re actually a business that was born in the U.S., utilized existing U.S. regulative structures to bring crypto to investors in a safe and certified way.””

Meeting with both homes the other day and today, what we’re actually hearing […] is that had the SEC currently approved this spot-Bitcoin ETF […] a lot of the current financier harm we’ve seen in crypto would’ve been prevented,”he added.