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SEC has no plans to ask appeals court to reverse spot bitcoin ETF ruling


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So earlier today, I saw this article saying

"The U.S. Securities and Exchange Commission has no plans to ask the DC Circuit Court of Appeals to reverse a ruling that overturned the regulator's rejection of Grayscale Investment's bid to roll out spot bitcoin (BTC-USD) exchange-traded fund, Bloomberg reported Friday, citing a person with knowledge of the matter.

The August ruling, which paves the way for Grayscale to covert its bitcoin trust (OTC:GBTC) into an ETF, was said to have been made by only three of the judges on the court.

Many have contended that approval of such an ETF would result in broader institutional adoption, but that would also mean reduced volumes across crypto exchanges and increased volume among stock exchanges where these products would trade."

My question is, is the BTC ETF we are anticipating next year inevitable or it will be dragged till 2025? As it stands, SEC are not ready to give this option a go-ahead whatsoever

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Well, investors will still need to hold a decent amount of the underlying asset as an insurance so, it's still gonna be okay across the exchanges especially exchanges with high liquidity like Binance, Bitget and OKX.

Overall, expectations are that approval might be delayed till January 2024 and all applications will be approved together leading to an estimated $3 trillion in investment funds into crypto. Better days are certainly ahead!!

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Bitcoin Faces Death Cross as XRP Fails to Capitalize on Appeal Ruling
Oct 10, 2023 9:39 PM +02:00

Zain Vawda,
DailyFX Analyst

A review of the week in crypto assets | IG Bank Switzerland

FEDERAL COURT DENIES INTERLOCUTORY APPEAL BY SEC

XRP had enjoyed a decent enough Q3 even if it failed to hold onto the gains made post the decision by Judge Torres. A lot of this was down to news that the SEC was to launch an interlocutory appeal, which seemed to have dampened the spirits of XRP bulls.

On Monday, October 3 the Federal Court denied the SEC request to certify its interlocutory appeal. Judge Torres stated that to grant the SEC’s request for a certification, she would have to find, among other matters, a controlling question of law for which there was a “substantial ground” for a difference of view. However, this was not the case here, she claimed.

However, the decision by Judge Torres has failed to capitalize on the decision with Ripple falling around 3.2% yesterday. This also could have been down to the broader risk-off sentiment which drove markets early on Monday.

Another reason why the drop off in XRP is particularly interesting is down to the recent decision by the Bank of International Settlement to add Ripple to its interoperability taskforce. This means that Ripple is now a part of the taskforce established for cross border payments. This should have been a huge positive for the payment service provider but has not yet materialized in the price of XRPUSD.

Looking at the crypto fear and greed index and we have seen a recovery over the past month from fear to neutral which is a slight positive for crypto markets as a whole.

image1.png

Source: FinancialJuice

 

There is a belief among many in the crypto space that with the ruling last week by Judge Torres the SEC could choose to drop their case. Given the disdain showed toward the crypto industry by the SEC i wouldn’t hold my breath and will rather wait for an official announcement on the matter.

 

 

 

 

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21 hours ago, BashJasper said:

Well, investors will still need to hold a decent amount of the underlying asset as an insurance so, it's still gonna be okay across the exchanges especially exchanges with high liquidity like Binance, Bitget and OKX.

Overall, expectations are that approval might be delayed till January 2024 and all applications will be approved together leading to an estimated $3 trillion in investment funds into crypto. Better days are certainly ahead!!

I recently came across an analysis inline with your perception that also claims SEC  will approve ETF applications together and the writer predicted that this will push BTC to continue its usual price trend before halving (Retesting previous ATH). 

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On 14/10/2023 at 17:28, blazely said:

So earlier today, I saw this article saying

"The U.S. Securities and Exchange Commission has no plans to ask the DC Circuit Court of Appeals to reverse a ruling that overturned the regulator's rejection of Grayscale Investment's bid to roll out spot bitcoin (BTC-USD) exchange-traded fund, Bloomberg reported Friday, citing a person with knowledge of the matter.

The August ruling, which paves the way for Grayscale to covert its bitcoin trust (OTC:GBTC) into an ETF, was said to have been made by only three of the judges on the court.

Many have contended that approval of such an ETF would result in broader institutional adoption, but that would also mean reduced volumes across crypto exchanges and increased volume among stock exchanges where these products would trade."

My question is, is the BTC ETF we are anticipating next year inevitable or it will be dragged till 2025? As it stands, SEC are not ready to give this option a go-ahead whatsoever

I have been in few bear markets to understand the pain of bureaucratic process that slows down the pace of market prospect but the ETF approval will certainly happen but how and when is what's uncertain and I feel the later the better perhaps for selfish reasons cos I need to accumulate more alt and BTC before the mother of all bull run begins.

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18 hours ago, MongiIG said:

Bitcoin Faces Death Cross as XRP Fails to Capitalize on Appeal Ruling
Oct 10,  9:39 PM +02:00

Zain Vawda,
DailyFX Analyst

A review of the week in crypto assets | IG Bank Switzerland

FEDERAL COURT DENIES INTERLOCUTORY APPEAL BY SEC

XRP had enjoyed a decent enough Q3 even if it failed to hold onto the gains made post the decision by Judge Torres. A lot of this was down to news that the SEC was to launch an interlocutory appeal, which seemed to have dampened the spirits of XRP bulls.

On Monday, October 3 the Federal Court denied the SEC request to certify its interlocutory appeal. Judge Torres stated that to grant the SEC’s request for a certification, she would have to find, among other matters, a controlling question of law for which there was a “substantial ground” for a difference of view. However, this was not the case here, she claimed.

However, the decision by Judge Torres has failed to capitalize on the decision with Ripple falling around 3.2% yesterday. This also could have been down to the broader risk-off sentiment which drove markets early on Monday.

Another reason why the drop off in XRP is particularly interesting is down to the recent decision by the Bank of International Settlement to add Ripple to its interoperability taskforce. This means that Ripple is now a part of the taskforce established for cross border payments. This should have been a huge positive for the payment service provider but has not yet materialized in the price of XRPUSD.

Looking at the crypto fear and greed index and we have seen a recovery over the past month from fear to neutral which is a slight positive for crypto markets as a whole.

image1.png

Source: FinancialJuice

 

There is a belief among many in the crypto space that with the ruling last week by Judge Torres the SEC could choose to drop their case. Given the disdain showed toward the crypto industry by the SEC I wouldn’t hold my breath and would rather wait for an official announcement on the matter.

 

 

 

 

This a good read. I still believe that someday the SEC would realise they have been going for the wrong coins all along. I mean there are coins out there which haven't gotten through the expected regulations and are still circulatory in the crypto space.

Is a matter of when. XRP would get the recognition it deserved together with other coins like ETH, BGB and BTC (the king of them all) because of their versatile usage in different ways! Can't wait for that to happen 

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