Grayscale Has Hope To Win SEC Lawsuits

Key Points:

• With the SEC questioning its choice to take on the Grayscale spot Bitcoin ETF application, there is speculation that SEC officials are losing control of the lawsuit.
• Grayscale management had always contended that the SEC made an arbitrary decision when it approved Bitcoin futures.
• The complaint comes as the crypto industry becomes more upset with the SEC’s assault on digital asset services.

There is suspicion that SEC insiders are losing grasp on the litigation after the Securities and Exchange Commission’s (SEC) grilling on its decision on the Grayscale spot Bitcoin ETF application.

Andrew, a Twitter user, claimed insider sources in the SEC indicating Grayscale is winning the ongoing litigation, which might be a welcome development for the crypto market. He said that the SEC would allow spot Bitcoin ETFs or prohibit Bitcoin futures ETFs.

However, Messaricrypto creator Ryan Selkis anticipated that the SEC’s lawsuit against Grayscale would be dismissed.

Grayscale’s management had long argued that the SEC made an arbitrary choice when it approved Bitcoin futures contracts. The corporation argued in its opening arguments before the District of Columbia Court of Appeals that the agency was unjust in its case.

Judges on a federal appeals court in the United States questioned whether the Securities and Exchange Commission was proper in rejecting Grayscale Investment’s application for a spot Bitcoin exchange-traded fund, given that the SEC had previously authorized Bitcoin futures products.

The Grayscale Bitcoin Trust GBTC share price increased when the SEC officials had a difficult time in the opening arguments on March 7, 2023.

The lawsuit comes as the crypto sector has become more frustrated with the SEC’s assault on digital asset offerings, especially those that promise investors returns on specific digital tokens.

The remarks were made during oral arguments before judges Sri Srinivasan, Neomi Rao, and Harry Edwards on Tuesday. Grayscale and the SEC have already exchanged written briefs in recent months.

The attorney representing XRP token holders in the Ripple vs. SEC litigation, John Deaton, said that the courts are the only way to win since Congress is not moving to provide legislative certainty.

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