Pro-XRP Lawyer Breaks Down SEC Tactics in Bitcoin ETF Saga

As the eagerly anticipated Jan. 10 deadline for the Bitcoin ETF decision looms large, the crypto community is abuzz with heightened discussions and speculations. Central to this escalating dialogue are the insights provided by prominent figures in the crypto space, who revealed a murmur within legal circles regarding Bitcoin ETF approvals.

Prominent XRP enthusiast and legal expert Fred Rispoli weighed in on the unfolding scenario. Rispoli suggested a potential legal showdown in the future, as he highlighted the SEC strategy to navigate the delicate balance between appeasing major financial institutions and avoiding legal repercussions.

Strategic delay

According to Rispoli, the SEC’s cautious approach is a strategic delay tactic amid growing pressure for a timely approval of a spot Bitcoin ETF.

This makes sense in context of @SECGov trying to determine how to (a) continue to fellate its clients (big banks) without (b) getting annihilated by the appellate court for not granting a spot #BTC ETF in a timely manner. This is the agency’s best delay move it had available. https://t.co/87oCO8iOo3

— Fred Rispoli (@freddyriz) December 27, 2023

Adding another layer to the complex narrative, Colin Wu reported that Grayscale, a major player in the crypto investment space, has filed a revised filing to transform its Bitcoin Investment Trust (GBTC) into a spot Bitcoin ETF. The compromise involves Grayscale accepting the SEC’s cash-only creation/redemption requirement.

In a related development, Hashdex engaged in discussions with the SEC about ETFs, holding a meeting directly in the office of SEC Chairman Gensler. This underscores the seriousness of the ongoing negotiations and the strategic positioning of key players on the crypto market.

As 2024 is coming, the crypto community eagerly awaits the outcome of these intricate negotiations, poised at the intersection of legal strategy and regulatory dynamics.

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