The crypto world’s eyes will once again turn to Washington on Tuesday as oral arguments begin in Grayscale Investments’s lawsuit against the US Securities and Exchange Commission.
The drama centers on the $14.8 billion Grayscale Bitcoin Trust (ticker GBTC), which has for two years been trading at a steep discount to the cryptocurrency it holds. That dislocation has been a point of pain for a beleaguered industry: it’s punished long-term holders, and at times sparked a wave of distress among leveraged investors who piled into the trust to exploit a once-widely used trade.
‘Enforcement 40’ for 2020
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