• Grayscale Bitcoin Trust is suing the SEC, claiming that their bitcoin ETF application was rejected without valid reason.
• The judge overseeing the case appears to be sympathetic towards Grayscale and the company’s shares have risen by more than 12% since filing.
• If Grayscale wins, it would be a major victory for crypto enterprises, with Bitcoin prices likely to shoot up following the verdict.
Grayscale Files Suit Against SEC
Grayscale Bitcoin Trust has filed a lawsuit against the Securities and Exchange Commission (SEC), claiming that their bitcoin ETF application was rejected without valid reason. Despite other companies having sought to take on the SEC in the past with few being successful, Grayscale is determined not to take this abuse sitting down.
Judge Appearing Sympathetic Towards Grayscale
The judge overseeing this matter appears to be more sympathetic towards Grayscale and it looks like they have a true chance of winning in court. This would be a first for any crypto enterprise that’s taken on the SEC, with CEO Michael Sonnenshein commenting: “We walked out of the courtroom feeling encouraged and hopeful that those arguments would be persuasive to the court…This is a really misguided complaint.“ Additionally, Elliot Stein – senior litigation analyst at Bloomberg – stated that they now think Grayscale is 70 percent likely to win.
Potential Impacts of Court Victory
If Grasyscale were to receive its court victory, it could lead to some major implications throughout both digital currency companies as well as cryptocurrency in general. It could mean an increase in bitcoin prices following such a verdict due to increased enthusiasm from investors, as well as potential further investments into digital currency companies from elsewhere should others follow suit against regulatory authorities such as the SEC.
Grasyscale Shares Show Momentum
The momentum for this case already seems positive for Grasyscale thus far – its shares have risen by more than 12 percent since filing against the agency leading many investors and other stakeholders alike optimistic about what may come out of all this litigation between two giants in their respective industries.
It remains unclear how long things may drag out regarding this particular lawsuit or what ultimately will become of it if or when it comes time for final judgement in court; however one thing can certainly remain certain – no matter which way things turn out here there are sure to be ripples throughout both financial institutions as well as digital currency markets should either side gain ground over another within these legal proceedings.