• Grayscale Bitcoin Trust is one of few digital currency companies to take on the SEC in a lawsuit.
• The judge overseeing the matter appears to be sympathetic towards Grayscale and they may have a chance of winning.
• Should Grayscale receive the court victory, it could lead to bitcoin prices shooting up and other great things for Grayscale.
Grayscale Takes on the SEC
It looks like the Grayscale Bitcoin Trust could be one of the few digital currency companies to get its way against the Securities and Exchange Commission (SEC). After several months of deliberation, the lawsuit the company filed against the federal financial agency could wind up taking an unexpected turn.
Grayscale Might Pull off a Win
Many companies have sought to take on the SEC in the past but few have been successful. This is arguably what’s making Grayscale so important as their bitcoin ETF application was rejected by the SEC, yet they decided not to take it lying down. They filed suit against them claiming there was no valid reason for their application to be hit with a „no“. Initially, it was believed that the SEC would hold precedence in this case however, they now seem more sympathetic towards Grayscale giving them a true chance at winning which would be historic if achieved. If this were to happen, it would be a first for any crypto enterprise that’s taken on the SEC and many believe bitcoin prices will shoot up following such news. Already, Grayscales shares have risen by 12 percent since filing suit showing momentum is leading them in good directions.
CEO Comments
CEO Michael Sonnenshein commented in a recent interview: We walked out of courtroom feeling encouraged and hopeful that those arguments would be persuasive to court…This is really misguided complaint. While I can appreciate that new management team at Alameda from fiduciary standpoint is looking recover assets where they can for short-term wins, it certainly flies face work being done convert GBTC ETF which we all know agree unlock most value shareholders including Alameda optimal long-term product structure GBTC.“ Elliot Stein – senior litigation analyst at Bloomberg – also threw his two cents into mix stating “Going [argument] we thought SEC 60 percent favored yet now think Grayscale 70 percent likely win”
How Long Could Things Drag Out?
Despite positive news, Stein mentioned win court doesn’t necessarily mean ETF application will get greenlight immediately as things may drag out much longer than initially expected or hoped for despite favorable odds being stacked against them due potential legal hurdles still standing between them desired outcome victory court case favorably resolved end favor Grayscale .
Conclusion
In conclusion, while many companies have attempted challenge authority before none been successful doing so however this time around may different story as initial outlooks appear more encouraging sign possible victory over government entity such powerful high stakes situation remains seen whether ultimately occur not remain optimistic determined see result through end regardless outcome