XRP lawyer John E. Deaton and ETF industry pioneer Dave Nadig joined top analyst the Wolf of All Streets to discuss the U.S. Securities and Exchange Commission (SEC) losing its credibility after its defeat against Ripple and Grayscale Investments. Also, whether the Bitcoin price pump is real and the SEC will approve a spot Bitcoin ETF.
In The Wolf of All Streets podcast, XRP-pro lawyer John Deaton and ETF expert Dave Nadig discuss various topics including a massive win for crypto with Grayscale defeating the US SEC, the anti-crypto agenda of the SEC, secret filing in the Binance lawsuit, and killing DeFi.
The Wolf of All Streets said the SEC and Gary Gensler will think twice before bringing similar action and Grayscale’s win is monumental. John Deaton asserts the SEC can’t appeal the Grayscale ruling as they failed to give a reason for rejecting Bitcoin ETF and approved other Bitcoin futures ETFs.
Further action by the SEC could impact the credibility of other agencies. The crypto companies are destroying the SEC as judges now also agree that the SEC’s actions are “arbitrary and capricious.”
While discussing the SEC’s secret filing in the Binance lawsuit, Deaton predicted that Coinbase would ultimately dismiss the lawsuit and Binance lawsuit would end with a deal with the SEC. He also doesn’t agree with former SEC official John Reed Stark over using the DOJ investigation details in the case.
However, the SEC will continue to bring their securities claims against other entities using digital assets such as Impact Theory. Also, the government and the SEC will never allow DeFi to flourish.
Also Read: Judge Approves New Attorney For Binance After SEC’s Secret Filing
ETF expert Dave Nadig thinks the SEC can totally shut down Bitcoin futures products approved earlier to let itself out of the situation. While Grayscale’s win has raised the odds of Bitcoin ETF approval to 75%, experts remain skeptical over the approval of a spot Bitcoin ETF by the SEC.
The decision on the BlackRock spot Bitcoin ETF filing is due on Friday and CEO Lark Fink is confident about approval by the SEC.
BTC price fell 1% in the last 24 hours after a major pump. The price currently trades at $27208, with the 24-hour low and high of $27069 and $27449, respectively.
Also Read: BTC Price Defends $27k As The Sell-Off Ends, Start Of Bull Run?
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