The narrowing of the discount likely represents increased likelihood that Grayscale will be able to convert its close-ended bitcoin trust into a spot-based exchange-traded fund.
Stablecoin buyers don't expect a profit so it's not an investment contract, argues the USDC issuer, supported by former commodities regulator Heath Tarbert.
Gary Gensler, while avoiding answers on bitcoin ETFs, argues in testimony that crypto firms dangerously mix assets in a way outlawed in other corners of the financial system.