Hellow Everyone ! I hope you have a great day so far, if not I hope I can make your day a little bit better with this article.
Grayscale
As you may have heard the news, Grayscale has won a lawsuit against the Securities and Exchange Commission (SEC). It’s a major victory for crypto beacause Grayscale is a major cryptocurrency investment firm that specializes in creating and managing investment products focused on digital assets such as crypto !
Source : passioncrypto.com
The CEO of Grayscale has tweeted :
Source : Twitter (X)
But let’s take a closer took of the history of this case :
Lawsuit
This matter dates back to last year. Grayscale had already obtained approval from the SEC for a BTC Futures ETF (GBTC).
Later, they wanted to convert it into a BTC spot ETF, which is the ultimate goal. However, the SEC categorically refused without providing genuine reasons.
Consequently, Grayscale decided to take legal action to compel the SEC to provide a more structured response and, perhaps, to force them to accept the conversion of their ETF.
Now that they’ve win their battle, the SEC has 2 choices :
- Appeal
- Modify its response regarding the conversion of GBTC into BTC spot ETF.
It’s important to say that this win does not make the GBTC a BTC ETF spot.
Market Reaction
Source : Coingecko
As you can see above, Bitcoin has bounce back by nearly 7% after the news, nearly hitting the 28 000$ price mark. However, the price is now stabilized around 27 000$.
Conclusion
This news show that after the XRP case, the SEC is being weaken by the juridicions. We now need to wait for the SEC response
As always thank you for reading !
Disclaimer : This is not a financial advice, you need to do your own research !
