According to a Reuters article, the US Securities and Exchange Commission regulator does not intend to file an appeal over the recent court ruling regarding Grayscale’s Bitcoin spot ETF filing with the SEC. The article cites sources close to the matter.
SEC gives up on losing Grayscale case
In August, the federal court ruled that the SEC was wrong to reject Grayscale’s filing without even considering it and force the regulator to do what Grayscale expected of it. The deadline to announce the SEC’s decision was Friday at midnight. Since they didn’t, this may mean that Grayscale will start negotiating converting its Bitcoin Trust into an ETF soon enough.
Now that it has no intention of filing an appeal, experts believe the SEC will likely begin investigating Grayscale’s filing, which calls for its Bitcoin Trust (GBTC) to be converted into a large-scale Bitcoin spot ETF.
In addition to Grayscale, the SEC has several similar filings pending from the world’s largest fund managers, BlackRock, Invesco, Fidelity, Ark Invest and others. The regulator postponed the decision on Cathie Wood’s company’s filing, but deadlines for the other companies that submitted their filings have been set for next year, starting in March. BlackRock is first on that list of candidates wanting to bring a Bitcoin spot ETF to the market.
This is what the Ripple community thinks
Prominent Ripple advocate Jeremy Hogan took to App X to share his opinion on this unexpected decision by the SEC. He believes that the launch of a Bitcoin spot ETF can bring a lot of money to investors, however, he emphasized, “Everything that remained pure and true about Bitcoin will soon disappear.”
Hogan gave no explanation as to what he meant by that. However, it is possible that he was talking about the initial plan of Satoshi Nakamoto, who launched Bitcoin in 2009, to convert BTC into decentralized digital money, which is about to be completely ignored now that BTC is becoming more of an investment tool. for Wall Street companies.
Companies like BlackRock and Fidelity don’t care about decentralized currencies, they are happy with the traditional banking system and the fiat currency system, which Bitcoin was created to fight against in the first place. Satoshi Nakamoto created Bitcoin after the 2008-2009 mortgage crisis to help the world avoid them in the future.
A prominent XRP-supporting account, @XRPcryptowolf, also commented on the SEC’s decision, asking why the regulator let Grayscale’s decision not be appealed but continues to appeal the court’s decision on Ripple and XRP. SEC Chairman Gary Gensler insists that Bitcoin is the only product on the cryptocurrency market, while the rest of the cryptocurrencies are nothing more than unregistered securities, as they have a team of creators and investors waiting future profits from altcoins by buying them.
