• Cameron Winklevoss has taken a step in the escalation over Gemini Earn customer funds with a new open letter.
• The current battle for Grayscale is also about continuing to fight on the front lines against the U.S. Securities and Exchange Commission.
• Craig Salm, chief legal officer (CLO) at Grayscale, revealed Grayscale will soon file the next brief in its lawsuit against the SEC.

The fate of Genesis Trading, Digital Currency Group (DCG) and the Grayscale Bitcoin Trust (GBTC) is uncertain after Cameron Winklevoss took another step in the escalation over Gemini Earn customer funds with a new open letter on Tuesday. Grayscale, in particular, is locked in a legal battle with the U.S. Securities and Exchange Commission (SEC) in an effort to convert the GBTC into a spot Bitcoin ETF.

Craig Salm, the chief legal officer (CLO) of Grayscale, took to Twitter to provide an update on the case and express the company’s optimism regarding the outcome. According to Salm, Grayscale will “soon” file the next brief in its lawsuit against the SEC, which is refusing to convert GBTC into a spot Bitcoin ETF. This would close GBTC’s massive discount and remove a concern for the beleaguered DCG group.

The case is progressing “swiftly,” though the exact timing of a decision is uncertain. Oral arguments could come as early as the second quarter of 2021, while a final decision before the DC Circuit Court of Appeals could come by fall. Salm is confident that the appeals court will approve the conversion of GBTC into a spot ETF because it is about “fair and equal treatment under the law.” He also states that the conversion is the best solution for all GBTC shareholders.

Gemini Earn customers, on the other hand, may have to wait longer to hear any news. Meanwhile, the Winklevoss brothers have expressed their commitment to doing whatever it takes to safeguard customer funds and ensure that they are returned in full. The open letter they released states that they have already taken “extensive steps” to recover the funds and that they are committed to continuing the effort.

The situation is still unfolding, and it is unclear what will happen next. For now, all stakeholders – including Gemini Earn customers, Genesis Trading, Digital Currency Group and Grayscale Bitcoin Trust – will have to wait and see how the events unfold.