Grayscale Shall Emerge Victorious Against The SEC, Predicts XRP Attorney Deaton
There have been recent developments in the Ripple v SEC case. Deaton has been keeping the public informed of the case’s developments on a regular basis. As the case draws to a close, any fresh information can tilt the scales in XRP’s favor. Could grayscale be the final piece of the puzzle? Let’s explore.
Grayscale vs SEC case
In a recent tweet, Jay’V who is a crypto enthusiast by the username @JayVTheGreat has mentioned about the oral arguments between SEC and Grayscale which is scheduled for March 7th before the District of Columbia of Appeals.
According to court documents, the Securities and Exchange Commission reiterated its position last week that Grayscale’s application to introduce a bitcoin ETF should be rejected and reiterated that such products are vulnerable to manipulation and fraud.
Grayscale argued during the summer that the SEC was using an unfair double standard by approving bids for bitcoin spot ETFs while continually rejecting bitcoin futures ETFs from the market.
The SEC turned down Grayscale’s request to turn its Bitcoin Trust into an ETF in June. Later that day, Grayscale filed a lawsuit against the authority, claiming that by making “arbitrary and capricious” distinctions between the two categories of ETF issuers, the agency had violated both the Administrative Procedure Act and the Securities Exchange Act of 1934.
In October 2021, the ProShares Bitcoin Strategy ETF became the first bitcoin futures ETF. The CFRA ETF database shows that as of December 9, the fund had $575 million in assets. The $20 million Valkyrie Bitcoin Strategy ETF and the $21 million VanEck Bitcoin Strategy ETF are two additional bitcoin futures ETFs available on the market.
In reply to the tweet by Jay’V, Deaton has predicted a win for Grayscale and also commented that SEC isn’t as successful at winning lawsuits because they have lost 4 out of 5 cases before the Supreme Court.
Updates on Grayscale
In a twitter update, Grayscale has provided details for the hearing of their case.It is mentioned why $GBTC should be allowed to convert to a spot Bitcoin ETF in the D.C. Court of Appeals.
It is scheduled as the 2nd of 2 cases that morning and could begin as early as 10:00 AM ET.
The lawsuit between Grayscale and SEC has got a lot of attention from the crypto community. It appears as though the ruling in this could set a precedent essential for the XRP case.
The SEC seems to have a poor track record when it comes to lawsuits before the Supreme Court. Stuart Alderoty, general counsel at Ripple, said that the SEC has lost four out of its most recent five lawsuits before the Supreme Court.