The judges questioned why the Grayscale spot Bitcoin ETF application was denied by the United States Securities and Exchange Commission (SEC).
There is currently a suspicion that the SEC insiders are beginning to lose control of the case after the U.S. Securities and Exchange Commission (SEC) was grilled over its decision regarding the Grayscale spot Bitcoin ETF application. The Grayscale Bitcoin Trust $GBTC share price increased when the SEC officials had a difficult time at the opening exchanges on March 7, 2023. The judges in the Grayscale case questioned the SEC’s findings and enquired of the regulatory body what the corporation must do to have the application granted.
Given that the Securities and Exchange Commission (SEC) approved Bitcoin futures contracts, the Grayscale management has long argued that the SEC’s decision was arbitrary. The corporation argued in its opening statements before the District of Columbia Court of Appeals that the agency had been unjust in its handling of the matter.
SEC Representatives are Less Assured in the Grayscale Case
A Twitter user named Andrew claimed insider sources within the SEC said Grayscale was winning the ongoing dispute, which might be a welcome update for the cryptocurrency market. He asserted that the SEC will either permit spot Bitcoin ETFs or forbid Bitcoin futures ETFs.
On the other hand, Messaricrypto founder, Ryan Selkis anticipated that Grayscale will prevail in the Securities and Exchange Commission’s (SEC) legal battle.
In response to this, John Deaton, the lawyer for XRP token holders in the Ripple vs. SEC complaint, stated that the only way to prevail is through the courts because the Congress is not taking any action to provide regulatory clarity.
Leave a Reply