{"id":28968,"date":"2023-08-31T02:52:37","date_gmt":"2023-08-31T06:52:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28968"},"modified":"2023-08-31T02:52:37","modified_gmt":"2023-08-31T06:52:37","slug":"xrp-lawyer-reacts-grayscales-triumph-paves-way-for-bitcoins-next-big-thing","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/31\/xrp-lawyer-reacts-grayscales-triumph-paves-way-for-bitcoins-next-big-thing\/","title":{"rendered":"XRP Lawyer Reacts: Grayscale\u2019s Triumph Paves Way For Bitcoin\u2019s Next Big Thing"},"content":{"rendered":"

The crypto industry echoed the news of Grayscale Investments\u2019 groundbreaking victory<\/a> over the United States Securities and Exchange Commission (SEC) yesterday. This landmark lawsuit has established intriguing possibilities concerning approving a much-anticipated spot Bitcoin ETF product.<\/p>\n

A Win Bigger Than Just Approval?<\/h2>\n

John Deaton, the renowned lawyer representing XRP holders, is among the voices adding to this discussion. As the industry ponders the ramifications of Grayscale\u2019s lawsuit triumph<\/a>, Deaton provides insights<\/a> into the prospects and timeline of the highly anticipated Bitcoin ETF.<\/p>\n

Deaton\u2019s commentary arrives hot on the heels of a Bloomberg report<\/a>. The report underlined that even if the lawsuit\u2019s outcome doesn\u2019t lead directly to the greenlighting of a spot Bitcoin ETF, the very nature of this win holds substantial implications for the overarching crypto environment<\/a>. <\/p>\n

The victory, according to the report, particularly stands as a testament to BTC, its miners, Coinbase, and the entirety of the cryptocurrency domain, the XRP lawyer added:<\/p>\n

It\u2019s a massive win for #Bitcoin<\/a> , BTC miners, @coinbase<\/a>, and the Crypto industry in general. Does it mean the @Grayscale<\/a> Spot ETF, along with the others, will be granted immediately? No. But a spot ETF is happening. The relevant question is whether it will in 2023? https:\/\/t.co\/uUZUJ94dHz<\/a><\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) August 29, 2023<\/a><\/p>\n

The Bitcoin ETF Timeline<\/h2>\n

While the hope surrounding the Bitcoin ETF\u2019s approval is palpable, the attorney provides a reality check to the community. Grayscale\u2019s aspirations for the BTC ETF remain high, but immediate approval seems unlikely. <\/p>\n

Contrary to the gist of the Bloomberg news report, Deaton is confident<\/a> about the eventual establishment of a spot Bitcoin ETF. Yet, the timeline remains uncertain.<\/p>\n

On August 29, Judge Rao of the Columbia Circuit approved Greyscale\u2019s petition to transform their financial product into a Bitcoin Exchange Traded Fund (ETF)<\/a>. This marked a significant victory for Greyscale in its legal battle against the US SEC, which had previously denied the firm\u2019s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF on June 29, 2022.<\/p>\n

The court filing by the US District of Columbia Circuit noted<\/a>:<\/p>\n

The denial of Grayscale\u2019s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We therefore grant Grayscale\u2019s petition and vacate the order.<\/p>\n

Grayscale\u2019s CEO, Michael Sonnenshein, quickly took to his X account (formerly known as Twitter) to celebrate the decision. He expressed gratitude to the community and concluded by updating that the firm\u2019s legal team is actively reviewing the Court\u2019s opinion<\/a> to asses the next steps.\u00a0<\/p>\n

JUST IN <\/p>\n

The D.C. Circuit ruled in favor of @Grayscale<\/a> in our lawsuit challenging the SEC\u2019s decision to deny $GBTC<\/a>\u2018s conversion to an ETF!<\/p>\n

Thank you to everyone who has been on this journey with us, especially our investors. We are grateful for your support and\u2026<\/p>\n

\u2014 Sonnenshein (@Sonnenshein) August 29, 2023<\/a><\/p>\n

Featured image from iStock, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The crypto industry echoed the news of Grayscale Investments\u2019 groundbreaking victory<\/a> over the United States Securities and Exchange Commission (SEC) yesterday. This landmark lawsuit has established intriguing possibilities concerning approving a much-anticipated spot Bitcoin ETF product.<\/p>\n

A Win Bigger Than Just Approval?<\/h2>\n

John Deaton, the renowned lawyer representing XRP holders, is among the voices adding to this discussion. As the industry ponders the ramifications of Grayscale\u2019s lawsuit triumph<\/a>, Deaton provides insights<\/a> into the prospects and timeline of the highly anticipated Bitcoin ETF.<\/p>\n

Deaton\u2019s commentary arrives hot on the heels of a Bloomberg report<\/a>. The report underlined that even if the lawsuit\u2019s outcome doesn\u2019t lead directly to the greenlighting of a spot Bitcoin ETF, the very nature of this win holds substantial implications for the overarching crypto environment<\/a>. <\/p>\n

The victory, according to the report, particularly stands as a testament to BTC, its miners, Coinbase, and the entirety of the cryptocurrency domain, the XRP lawyer added:<\/p>\n

It\u2019s a massive win for #Bitcoin<\/a> , BTC miners, @coinbase<\/a>, and the Crypto industry in general. Does it mean the @Grayscale<\/a> Spot ETF, along with the others, will be granted immediately? No. But a spot ETF is happening. The relevant question is whether it will in 2023? https:\/\/t.co\/uUZUJ94dHz<\/a><\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) August 29, 2023<\/a><\/p>\n

The Bitcoin ETF Timeline<\/h2>\n

While the hope surrounding the Bitcoin ETF\u2019s approval is palpable, the attorney provides a reality check to the community. Grayscale\u2019s aspirations for the BTC ETF remain high, but immediate approval seems unlikely. <\/p>\n

Contrary to the gist of the Bloomberg news report, Deaton is confident<\/a> about the eventual establishment of a spot Bitcoin ETF. Yet, the timeline remains uncertain.<\/p>\n

On August 29, Judge Rao of the Columbia Circuit approved Greyscale\u2019s petition to transform their financial product into a Bitcoin Exchange Traded Fund (ETF)<\/a>. This marked a significant victory for Greyscale in its legal battle against the US SEC, which had previously denied the firm\u2019s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF on June 29, 2022.<\/p>\n

The court filing by the US District of Columbia Circuit noted<\/a>:<\/p>\n

The denial of Grayscale\u2019s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We therefore grant Grayscale\u2019s petition and vacate the order.<\/p>\n

Grayscale\u2019s CEO, Michael Sonnenshein, quickly took to his X account (formerly known as Twitter) to celebrate the decision. He expressed gratitude to the community and concluded by updating that the firm\u2019s legal team is actively reviewing the Court\u2019s opinion<\/a> to asses the next steps.\u00a0<\/p>\n

JUST IN <\/p>\n

The D.C. Circuit ruled in favor of @Grayscale<\/a> in our lawsuit challenging the SEC\u2019s decision to deny $GBTC<\/a>\u2018s conversion to an ETF!<\/p>\n

Thank you to everyone who has been on this journey with us, especially our investors. We are grateful for your support and\u2026<\/p>\n

\u2014 Sonnenshein (@Sonnenshein) August 29, 2023<\/a><\/p>\n

Featured image from iStock, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28968","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28968"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28968\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28968"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}