What the SEC vs Ripple ruling means for the Grayscale (GBTC) vs SEC case

What the SEC vs Ripple ruling means for the Grayscale (GBTC) vs SEC case
фото показано с : invezz.com

2023-7-14 08:00

The biggest crypto news of the week was the remarkable victory by Ripple Labs in a prolonged case in New York. The victory unleashed a major rally in cryptocurrencies, with XRP and XLM prices surging by more than 50%. Crypto investors are now focusing on the ongoing Grayscale vs SEC case in the US.

Grayscale vs SEC lawsuit

The SEC suffered a big blow when a New York judge ruled against it in New York, as we wrote here. The closely-watched case alleged that XRP was a security that the SEC should regulate. This was a major blow for the SEC since the agency has become more combative in the past few months.

It has major implications in the crypto industry. A victory by the SEC would have led to more lawsuits against other cryptocurrencies. It would also have led to more SEC lawsuits against other cryptocurrencies. For one, the agency has already warned that over 60 popular cryptocurrencies like Cardano and Polygon were securities.

Now, the focus shifts to another important case that could have more implications for the crypto industry. As you are aware, a major theme in the market recently has been ETF applications by companies like Ark Invest and Blackrock. 

The SEC rejected previous applications by companies like VanEck and Ark citing market manipulation risks. In the aftermath, Grayscale filed a lawsuit against the SEC for denying it the ability to convert the Grayscale Bitcoin Trust into an ETF.

This case is still going on and analysts expect that it will conclude in the coming months. Grayscale hopes that it will conclude in this quarter.

A victory by Grayscale could have major implications for cryptocurrencies. In the short term, it will allow the conversion of the $20 billion Grayscale Bitcoin Trust (GBTC) into an ETF. As a result, the significant discount that has existed in GBTC would likely be sealed.

"It's a moment of validation," says @Grayscale CEO @Sonnenshein on $BLK aiming to launch a $BTC spot ETF. "To see the largest asset manager in the world publicly commit to advancing their crypto efforts only lends validity to the asset class and the staying power that it has." pic.twitter.com/agt7emHWt0

— Last Call (@LastCallCNBC) July 11, 2023 More ETF proposals

The victory by Grayscale will also open doors for more Bitcoin ETF proposals in the near term. Companies like Blackrock, Invesco, and Ark Invest have already sent their applications for their Bitcoin ETFs. Analysts believe that these funds are vital for more institutional flows to the crypto industry.

There is another implication. If a Bitcoin ETF is accepted, these same companies will apply for more cryptocurrency ETFs. The most ideal applications will be for major coins like Ethereum, Ripple, Litecoin, and Bitcoin Cash.

Ethereum could have some challenges since the SEC still sees it as a financial security because of its staking capabilities.

The post What the SEC vs Ripple ruling means for the Grayscale (GBTC) vs SEC case appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 2.2205 (-2.13%)
Объем 24H $11.594b
Изменеия 24h: -1.31 %, 7d: -8.20 %
Cегодня L: $2.1858 - H: $2.2889
Капитализация $127.129b Rank 4
Цена в час новости $ 0.7723 (187.52%)

case victory ripple sec cryptocurrencies rally major

case victory → Результатов: 49


Фото:

US SEC gets a minor win in the legal dispute with Ripple Labs

The case against Ripple Labs has taken another twist days after Ripple scored a minor victory and this time it is the US Securities and Exchange Commission (SEC) that has scored a small victory. The SEC has been allowed an extension to provide a discovery schedule relating to two individual defendants namely Chris Larsen (Ripple […] The post US SEC gets a minor win in the legal dispute with Ripple Labs appeared first on Invezz.

2022-3-24 09:53


XRP holders claim major victory over SEC as court grants permission to file motion to intervene

In what is a major victory for many in the XRP Community, Attorney John Deaton has been granted permission to file a motion to intervene in the ongoing case between the SEC and Ripple Labs on behalf oThe post XRP holders claim major victory over SEC as court grants permission to file motion to intervene appeared first on AMBCrypto.

2021-3-30 07:30


Hodlonaut’s case with Craig Wright gets dismissed, new battle to take place in Norway

Hodlonaut has claimed a small, but significant victory against Craig Wright, as his libel case against the anonymous Twitter analyst has been dismissed by the High Court of Justice in the U. K. According to Hodlonaut, the legal battle will continue in Norway, as the court ruled the country had jurisdiction over the matter.

2020-1-16 17:42


Фото:

SEC Gains Injunction Against Blockvest LLC in Fraudulent Securities Case

In a sudden turn of events, the US SEC has been given an injunction against Blockvest, a digital asset firm accused of selling unregistered securities in a February 14, 2019, press release. New Developments The SEC has gained a small victory in their case agonists Blockvest, a blockchain-based asset exchange, by getting an injunction against them onRead MoreRead More.

2019-2-17 18:00