Grayscale's legal case against the SEC regarding Bitcoin exchange-traded fund (ETF) rejections could take up to two years, according to chief legal officer Craig Salm.
The company has been on a mission to convert their Grayscale Bitcoin Trust into a spot Bitcoin ETF for some time now, with little luck – despite similar products already having been approved, including futures ETFs.
Salm says that Grayscale believes in its arguments and that the courts will rule in their favor, with a time horizon of one to two years for an eventual spot Bitcoin ETF approval.
The Financial Stability Board (FSB) has called for global crypto regulation, and will be submitting a report to G20 countries in October on the topic.
Of particular focus in the FSB statement was stablecoins, market volatility and spillover effects into traditional finance, claiming that the area is a risk to financial stability. The FSB is an international group based in Switzerland, made up of regulators, government officials and central bankers.
The Bank for International Settlements (BIS) is looking to have countries collaborate on central bank digital currency (CBDC) design, in an effort for the systems to be more compatible with each other in the long-run.
A BIS joint report with the International Monetary Fund and World Bank says central banks are starting with a clean slate for CBDC design, with interoperability being "fundamental" for cross-border activity.
