Grayscale has emerged victorious in its lawsuit against the Securities and Exchange Commission (SEC), bringing the U.S. Market closer to the approval of a Bitcoin spot ETF. Several legal and market experts had predicted Grayscale’s victory. Bloomberg Intelligence Senior Legal Analyst Elliot Z. Stein had given Grayscale a 70% chance of winning the lawsuit, stating that the SEC and Chair Gary Gensler might be bracing for a loss and looking to approve a spot Bitcoin ETF application before or around the court decision. Grayscale accused the SEC of arbitrary and capricious treatment of its filing to convert the Grayscale Bitcoin fund into a spot ETF. The judges overseeing the case appeared to agree with Grayscale during oral arguments, pressing the SEC for a reasonable explanation. Stein increased Grayscale’s victory odds from 40% to 70% after the hearings. Bloomberg’s ETF analysts James Seyffart and Eric Balcunas also sided with Stein, believing that a Grayscale court victory was the most likely path to spot ETF approval this year. Crypto Lawyer John Deaton, who represented thousands of XRP investors in Ripple’s lawsuit against the SEC, predicted Grayscale’s victory before oral arguments even took place. Deaton argued that the SEC is not as successful at winning when fought back against, citing recent cases before the Supreme Court. Despite the positive outcome for Grayscale, some caution that spot ETF approval is not guaranteed. Bitcoin-supportive lawyer Joe Carlasare has stated that a win for Grayscale would mean that the SEC would be ordered to revisit its decision on the application. However, Carlasare believes that the best chance of ETF approval rests with a favorable outcome in the Grayscale v SEC case..
#Heres #Predicted #Grayscales #Win #SEC #Bitcoin #ETF #Legal #Battle
#Heres #Predicted #Grayscales #Win #SEC #Bitcoin #ETF #Legal #Battle
