US SEC Faces Possible Setback as XRP Lawyer Forecasts Grayscale’s Victory in Lawsuit
With oral arguments scheduled on March 7th in their lawsuit against the U.S. Securities and Exchange Commission (SEC), digital asset manager Grayscale Investments is preparing for their day in court. In the meantime, an attorney representing XRP holders in the ongoing Ripple lawsuit has made a prediction about the outcome of the case between Grayscale and the SEC.
Grayscale Could Come Out Victorious, Says Attorney
As the XRP lawsuit continues, Amicus Curiae John Deaton has made a significant prediction in favor of Grayscale Investment. According to Deaton, the U.S. Securities and Exchange Commission (SEC) may not be as successful in their legal battles when faced with resistance. While Deaton doesn’t believe the SEC is certain to lose, he suggests that their track record might not be as strong as some might assume, including incoming SEC chairman Gary Gensler.
In a recent statement, Ripple’s Chief Legal Officer Stuart Alderoty noted that the U.S. Securities and Exchange Commission (SEC) has lost four of its last five lawsuits in the country’s top court. While acknowledging the challenges and resources required to engage in a legal battle against the commission, Alderoty also emphasized the importance of standing up for what is right.
Grayscale Continues Its Push for a Bitcoin ETF Despite SEC’s Rejection
Grayscale Investment has filed an application with the U.S. SEC to convert its flagship product, Grayscale Bitcoin Trust, into a spot Bitcoin ETF. The filing triggered a standard 240-day open review period, but on June 29th, 2022, the SEC rejected the application to convert GBTC to an ETF.
Despite the SEC’s rejection of their application, Grayscale Investment continued to pursue their goal of converting Grayscale Bitcoin Trust to an ETF. On the same day as the rejection, the crypto asset management firm filed a petition review with the Court of Appeals for the D.C. Circuit. This move followed the SEC’s approval of ProShares’ futures-based Bitcoin ETF in October 2021.
At the same time, the U.S. SEC cited Grayscale’s failure to address concerns related to market manipulation and investor protections.
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