SEC Plans No Appealing on Lost Grayscale Case, Ripple Advocate Shares His Take

According to a Reuters article, the American Securities and Exchange Commission regulator does not intend to make an appeal regarding the recent court ruling in regard of Grayscale’s Bitcoin spot ETF filing with the SEC. The article cites sources close to the matter.

SEC gives up on losing Grayscale case

In August, the federal court ruled that the SEC was wrong to reject Grayscale’s filing without even considering it and forcing the regulator to do what Grayscale expected of it. The deadline for announcing the SEC decision was Friday midnight. Since they did not, this may mean that Grayscale will begin negotiating the conversion of their Bitcoin Trust into an ETF soon enough.

Now that it does not intend to make an appeal, experts believe that the SEC will likely start looking into Grayscale’s filing, which requests that its Bitcoin Trust (GBTC) be converted into a full-scale Bitcoin spot ETF.

Aside from Grayscale, the SEC has several more similar filings pending from world’s largest fund managers BlackRock, Invesco, Fidelity, Ark Invest and others. The decision on Cathie Wood’s company’s filing was postponed by the regulator, but the deadlines for the other companies who submitted their filings are set next year, starting in March. BlackRock comes first on that list of candidates wishing to launch a Bitcoin spot ETF to the market.

Here’s what Ripple community thinks

Prominent Ripple advocate Jeremy Hogan took to the X app to share his take on this unexpected decision of the SEC. He believes that the launch of a Bitcoin spot ETF may bring investors a lot of money, however, he stressed, “Whatever remained pure and true about Bitcoin will soon be gone.”

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 provide any explanation as to what he meant by saying that. However, it is possible that he was talking about the initial plan of Satoshi Nakamoto, who launched Bitcoin in 2009, of BTC to be decentralized digital money, which is about to be completely ignored now as BTC is being turned into just yet another investment tool for Wall Street firms.

Companies like BlackRock and Fidelity do not care about decentralized currencies, they are happy with the traditional banking system and the system of fiat currencies, which Bitcoin was created to fight in the first place. Satoshi Nakamoto created Bitcoin after the mortgage crisis of 2008-2009 to help the world avoid them in the future.

A major XRP-supporting account @XRPcryptowolf also commented on the SEC’s decision, asking why the regulator has let the Grayscale decision go unappealed but continues to appeal the court’s decision on Ripple and XRP. The SEC’s chair Gary Gensler insists that Bitcoin is the only commodity on the crypto market, while the rest of the crypto are nothing but unregistered securities since they have a team of creators and investors expect 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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