In the latest development, the US Securities and Exchange Commission has not filed an appeal regarding the latest court decision regarding Grayscale’s Bitcoin spot ETF application to the SEC. Ripple lawyer Jeremy Hogan shared his views on the news in this direction. Hogan made an interesting statement in his statements.
SEC Grayscale case to appeal gave up
In August, a federal court ruled that the SEC was wrong to reject Grayscale’s application without even considering it. It also forced the regulator to do what Grayscale expected of it. The deadline for the SEC to announce its appeal decision was midnight Friday. cryptokoin.comAs you follow from , they didn’t. Therefore, this means Grayscale will convert its GBTC into an ETF soon.
Now that it no longer intends to appeal, experts believe the SEC will begin reviewing Grayscale’s application requesting that its Bitcoin Trust (GBTC) be converted into a full-scale spot Bitcoin ETF. Besides Grayscale, the SEC has several other similar filings pending from the world’s largest fund managers, BlackRock, Invesco, Fidelity, Ark Invest and others. The regulator has delayed a decision on Cathie Wood’s company’s application. However, for other companies that have submitted their applications, the deadlines extend into next year, starting in March. BlackRock is first on the list of candidates looking to enter the market with a Bitcoin spot ETF.
Ripple lawyer looks at it from a different perspective
Leading Ripple lawyer Jeremy Hogan shared his views on this unexpected decision by the SEC. Hogan believes that launching a Bitcoin spot ETF could make investors a lot of money. But “whatever remains pure and true about Bitcoin will soon disappear,” he says.
You will probably make a LOT of money soon (and I hope you do), but whatever remained pure and true about Bitcoin will soon be gone.
Someone tell me how to feel about this. https://t.co/98uTVmv33z
— Jeremy Hogan (@attorneyjeremy1) October 14, 2023
Hogan did not give any explanation as to what he meant by these words. However, it is possible that Satoshi Nakamoto, who launched Bitcoin in 2009, was referring to his initial plan for BTC to be a decentralized digital currency. Moreover, this plan is now about to be completely ignored as BTC has been turned into another investment tool for Wall Street firms. Companies like BlackRock and Fidelity don’t care about decentralized currencies. These companies are quite satisfied with the traditional banking system. They are also part of the system of fiat currencies that Bitcoin emerged to combat in the first place. Satoshi Nakamoto created Bitcoin after the 2008-2009 mortgage crisis to prevent the world from experiencing these crises in the future.
So why is the SEC appealing the court’s decision on Ripple?
XRPcryptowolf, a major account that supports Ripple (XRP), also commented on the SEC’s decision. He asked why the regulator did not appeal the Grayscale decision, but continued to appeal the court’s decision on Ripple and XRP. SEC chairman Gary Gensler insists that Bitcoin is the only commodity in the crypto market. But according to Gensler, the rest of the cryptos are nothing more than unregistered securities, as they have a team of creators and investors are waiting for future profits from altcoins when buying them.
The SEC doesn’t plan on appealing the Grayscale case so why do they keep trying to appeal the #Ripple lawsuit? 👀
— XRPcryptowolf (@XRPcryptowolf) October 13, 2023
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