Court decision regarding Grayscale lawsuit against SEC largely expected to be announced, John Deaton bets SEC will lose
The subject of the lawsuit is the SEC refusing to allow Grayscale to convert its Bitcoin Trust into a BTC spot ETF, and the verdict of the court is expected today.Grayscale spearheaded by CEO Michael Sonnenshein filed a legal complaint against the SEC in June last year after the regulator rejected their bid to turn GBTC into a full-scale Bitcoin spot ETF.
Back then, in an interview to CNBC, Sonnenshein stated that the regulatory agency was acting"arbitrary and capricious," since they had allowed several Bitcoin futures ETFs to launch, while the SEC rejected a spot Bitcoin ETF on the grounds that Grayscale's bid allegedly did not take into account various concerns about that type of ETF, including ways to prevent manipulations in this market.
The founder of Crypto-Law.US admitted that fighting"arbitrary and capricious" can be a hard job , but he has always believed that the SEC has a high chance of losing should some crypto company stand up to it in regard to its position on Bitcoin spot ETFs. Be on the lookout today or Friday for a potential decision. This should hopefully give Crypto even more momentum. Even though “arbitrary and capricious” is a high and difficult standard to meet, I’ve always maintained the SEC will lose if someone fought back regarding a spot
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