A lawyer for the asset manager asked to meet with the SEC 'as soon as practical' to discuss 'the way forward' following a critical court decision that briefly lifted crypto markets.
A lawyer working for Grayscale Investments asked to meet with the Securities and Exchange Commission "as soon as practical" in a Tuesday letter that prodded the regulator to approve the conversion of Grayscale’s bitcoin trust into a spot bitcoin exchange-traded fund.
In the hours following the court decision, bitcoin rose 8% and briefly touched $28,000. But within 48 hours bitcoin gave back those gains and the rally soon fizzled. "We must not get too excited, too carried away," Ric Edelman, founder of the Digital Assets Council of Financial Professionals, told Yahoo Finance on Tuesday. "The court did not order the SEC to approve these ETFs. The court merely said that its rejection of Grayscale's application was inappropriate."Story continuesTuesday’s letter from his firm’s attorney applied more urgency, arguing that any further delay would harm investors.
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