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Grayscale’s victory with the SEC sparks speculation about Bitcoin ETFs; notable attorney provides insights.
Grayscale Investments’ landmark court win against the United States Securities and Exchange Commission (SEC) has generated considerable excitement in the cryptocurrency community. This pivotal legal case has ignited discussions regarding the potential approval of a long-anticipated spot Bitcoin ETF product.
In reflecting on the extensive ramifications of Grayscale’s court win, prominent attorney John Deaton, recognized for his representation of XRP holders, has shared his thoughts. Deaton offers perspectives on the likelihood and timeline for the eagerly awaited Bitcoin ETF.
Deaton’s comments come in response to a Bloomberg article highlighting the broader implications of this achievement. Although the immediate result may not directly facilitate the approval of a spot Bitcoin ETF, the significance of this win resonates throughout the cryptocurrency landscape.
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As per Deaton, the victory holds considerable importance for Grayscale and the entire cryptocurrency ecosystem, encompassing Bitcoin, its miners, and platforms like Coinbase. He stated, “It’s a massive win for #Bitcoin, BTC miners, @coinbase, and the Crypto industry in general.” While he acknowledges that swift approval for the Grayscale Spot ETF and others is unlikely, he remains hopeful that a spot ETF will eventually materialize. Nonetheless, the timeline for this development remains uncertain.
Grayscale’s request to transform its financial product into a Bitcoin Exchange Traded Fund (ETF) was approved on August 29 by Judge Rao of the Columbia Circuit. This ruling marked a significant achievement for Grayscale in its legal battle with the SEC, which had earlier rejected the firm’s proposal to convert its Grayscale Bitcoin Trust (GBTC) into an ETF on June 29, 2022.
The court determined that the SEC’s dismissal of Grayscale’s proposal was “arbitrary and capricious,” as there was no justification for treating comparable products differently. Grayscale’s CEO, Michael Sonnenshein, took to his X account (formerly known as Twitter) to express gratitude to the community and to inform that the legal team is currently evaluating the next steps.
While the establishment of a Bitcoin ETF remains a possibility, the cryptocurrency community and industry experts like John Deaton recognize that the path forward is intricate and uncertain. Grayscale’s court victory is undoubtedly significant, but the eventual timeline for the ETF’s approval is still contingent on further developments and regulatory factors.
The post Grayscale’s SEC win fuels Bitcoin ETF rumors; famous lawyer weighs in appeared first on BitcoinWorld.
