SEC’s Deadline to Appeal Grayscale Ruling Is Friday Midnight
- The United States Securities and Exchange Commission (SEC) is facing a deadline to appeal Grayscale ruling.
- If the SEC fails to appeal the judgment before the deadline, Grayscale will collaborate with the SEC to initiate the approval process for the conversion of their fund.
- The Grayscale lawsuit is one of several legal battles the SEC is currently involved in within the realm of cryptocurrencies, including actions against Ripple Labs, Binance, and Coinbase.
The Securities and Exchange Commission (SEC) is facing a critical midnight Friday deadline to appeal Grayscale Ruling. This significant legal development has been shared by Fox Business journalist, Eleanor Terrett.
Deadline to Appeal Grayscale Ruling
As per Terrett’s latest update, the United States Securities and Exchange Commission (SEC) must make a decision before midnight Friday, deadline to appeal Grayscale Ruling, regarding whether or not they will contest the outcome of the Grayscale ruling. Grayscale had initially applied for the conversion of their fund into a spot Bitcoin ETF, but the SEC had previously rejected this request, leading to a legal battle initiated by the crypto asset management firm against the regulatory body. However, following a notable victory in the courts, U.S. Court of Appeals Circuit Judge Neomi Rao ordered the SEC to revisit its earlier decision, which led to the rejection.
In the aftermath of the court’s ruling, the SEC has not made its subsequent moves public with regards to this lawsuit. Now, Terrett has disclosed that the SEC’s deadline to appeal Grayscale Ruling is rapidly closing, with the midnight deadline looming. The experienced journalist has highlighted that if the SEC fails to appeal the judgment before the stipulated deadline, the case will conclude within the next seven days.
Grayscale Lawsuit and Implications for Crypto Regulation
This outcome would result in Grayscale collaborating with the SEC to initiate the approval process required for the conversion of their fund. Terrett has also pointed out that Grayscale is set to engage with two pivotal SEC divisions for approval, namely the Division of Corporation Finance and Trading and Markets (T & M).
It’s worth noting that the Grayscale lawsuit is just one of several legal battles the SEC is currently entangled in within the realm of cryptocurrencies. The regulatory authority is actively pursuing legal actions against Ripple Labs, Binance, and Coinbase, each of which holds significant implications for the future of crypto regulation in the United States. These ongoing legal proceedings will play a pivotal role in shaping the regulatory landscape for cryptocurrencies within the nation.
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