An analyst noted that there are huge chances that the Grayscale vs SEC case will result in a better outcome for Grayscale.
Grayscale is a US-based digital assets manager subsidiary of Digital Currency Group (DCG). Since late 2021, Grayscale was trying to get regulatory approval to convert its GBTC to Bitcoin spot ETFs product but the United States Securities and Exchange Commission (SEC) rejected its application. In late 2022, Grayscale hired legal experts to initiate a legal fight against the SEC agency over the rejection of its application. The first hearing of this legal fight was on 7 March 2023.
Recently Elliot Stein, a senior litigation analyst for Bloomberg appeared in an interview with Unchained Podcast. In the podcast, Elliot covered the Grayscale vs SEC fight over the rejection of the bitcoin spot ETFs application.
Bloomberg analysts noted that the last hearing, in this case, showed that the US SEC failed to maintain consistency in its standard. In short, the SEC violated Federal securities laws by approving Bitcoin Futures but not approving Bitcoin spot ETFs, while both of them are directly dependent upon the spot price of Bitcoin & futures ETFs more risky over spot ETFs.
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Before the hearing, Bloomberg analyst was thinking that the court would rule in favour of the SEC agency but after the hearing Grayscale stood with 70% more chances to win against the SEC.
Here this analyst pointed out a very bad possible outcome, that may come from this case if SEC will win against Grayscale.
Elliot claimed that if SEC will win then surely all the Bitcoin futures ETFs products will be terminated from the US market.
Read also: Robert Kiyosaki suggests purchasing Bitcoin amid banks bailout
Grayscale has a 70% probability to score a win against the US SEC: Report
https://bitcoinik.com/grayscale-has-a-70-probability-to-score-a-win-against-the-us-sec-report/feed/
https://bitcoinik.com/grayscale-has-a-70-probability-to-score-a-win-against-the-us-sec-report/feed/
