XRP Lawyer Predicts Win For Grayscale In Lawsuit Against US SEC

Grayscale Investments, a digital asset manager, is gearing up for the oral arguments scheduled on March 7 in a lawsuit launched against the U.S. Securities and Exchange Commission (SEC). However, Attorney representing XRP Holders in the Ripple lawsuit has predicted the outcome of the Grayscale Vs US SEC case.

XRP Lawsuit Bids For Grayscale

Attorney John Deaton, Amicus Curiae in the long running XRP lawsuit dropped a major prediction in the favor of Grayscale Investment. He stated that the US SEC isn’t much successful when someone fights back. However, he mentioned that the commission isn’t eminent for winning as Gary Gensler and others would have believed. d

Earlier, Coingape reported that Stuart Alderoty, Ripple’s Chief Legal Officer, stated that the commission has gone on to lose 4 of its last 5 lawsuits in the US’s Apex court. However, highlighted the courage and resources required to carry on the legal battle against the commission. Read More XRP News Here…

Grayscale in a pursuit to convert its flagship, Grayscale Bitcoin Trust to a spot Bitcoin ETF, filed an application with the US SEC. The filling of the application started a standard 240 day open review period. However, on June 29, 2022, the US watchdog rejected the application to convert GBTC to an ETF.

However, the crypto asset management firm went on to file a petition review on the same day with the court of Appeals for the D.C. circuit. This move comes after when the US SEC approved ProShares’ futures based Bitcoin ETF back in October 2021.

Meanwhile, the US SEC cited Grayscale’s failure to answer queries related to the concerns around the market manipulation and investor protections.

As per the data, Grayscale Bitcoin Trust has $14.7 billion in assets under management. However, the GBTC discount to Bitcoin is moving around 45% over the past 12 months.

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