[JUST IN] Grayscale wins lawsuit against the SEC

[OmegaStarScream]

In case you're wondering why you're receiving notifications from your portfolio apps, it's because Grayscale just won its lawsuit against the SEC which first rejected the conversion of Grayscale's Bitcoin Trust into a Spot ETF[1]. So we might see the first Spot ETF in the U.S soon[2]

[1] https://twitter.com/crypto/status/1696532002189857272?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
[2] https://www.cnbc.com/2023/08/29/first-bitcoin-etf-could-be-coming-soon-as-court-rules-in-favor-of-grayscale-over-sec.html

[Faisal2202]

Yeah i just received a message from Coingecko and was amazed to see the price as few hours ago I checked the price and it was around 26,100$ I think. Well, I really was amazed how market made movements.I quickly told my friend and then another friend. One of my friend said, he is analyzing the market I said ok when you find the factor then tell me. Hehe. I mean he used to stretch things up a little bit.

Well, I also tried to watch some news and I saw grayscale won the case against SEC. And this might be the only factor that causes this up trend. Well, let's see what comes next.

[348Judah]

Just as many will also wanted to see the outcome of this case, now that it is evident for victory on Grayscale end, what next should we expect, maybe there could be more stir on the internet to use this news event as part of the means bitcoin market could experience a little change, many have been suspecting on pump in due time, should this victory be certainly expected for a move or there are more coming to signals a bull after altering the market demand and supply.

[ImThour]

Makes sense now, however the price was actually at a strong support level on 1 Day timeframe and RSI was low too. Let's see where it goes. If it breaks above $29k, we might see a bigger leg up as it will be breaking the resistance trendline which its holding for some time now. I am quite sure that this pump will continue now. Glad I opened a long trade on BTCUSD yesterday as my system gave me a call.

[goldkingcoiner]

While this all is very good news and a well deserved black eye for the SEC, I would not go as far as to say that we will 100% see any Bitcoin ETF soon. We still have a way to go from the application process.

If I understand it correctly, (and if not then somebody feel free to correct me) but the application could still be rejected or the SEC might take the lawsuit to further stages with an appeal or revision or something (obviously I am not a lawyer, so somebody tell me if this is indeed a closed case or not)? Perhaps I am being a bit too pessimistic but when it comes to Bitcoin ETFs we have had too many disappointments in the past.

[virasog]

Yeah i just received a message from Coingecko and was amazed to see the price as few hours ago I checked the price and it was around 26,100$ I think. Well, I really was amazed how market made movements.I quickly told my friend and then another friend. One of my friend said, he is analyzing the market I said ok when you find the factor then tell me. Hehe. I mean he used to stretch things up a little bit.

Well, I also tried to watch some news and I saw grayscale won the case against SEC. And this might be the only factor that causes this up trend. Well, let's see what comes next.

I also saw this message on my mobile and it was a surprise to see a big green candle after days and weeks of consolidation.



This is surely a big win for the Grayscale and a major setback for the SEC. This will also strengthen the case for Blackrock's approval for ETF.
I will not say that this will bring a bull run in the market but this will surely kill the many negative sentiments that were recently floating in the market.

[ZAINmalik75]

That's a wonderful news, even if these pumps are temporary in the short term but it do elevate good vibes and create a good environment. I hope more news like these will come and one day we will see these types of platforms to get approved for there BTC ETFs. Because if the cases could make that huge pump in the market then the approval of such ETFs will bring unimaginable good results. I am too excited but having some experience of BTC and crypto and how such news could be manipulated. I can suppress my feelings for now.

While this all is very good news and a well deserved black eye for the SEC, I would not go as far as to say that we will 100% see any Bitcoin ETF soon. We still have a way to go from the application process.

If I understand it correctly, (and if not then somebody feel free to correct me) but the application could still be rejected or the SEC might take the lawsuit to further stages with an appeal or revision or something (obviously I am not a lawyer, so somebody tell me if this is indeed a closed case or not)? Perhaps I am being a bit too pessimistic but when it comes to Bitcoin ETFs we have had too many disappointments in the past.

I don't think they have any other reason to reject or delay it now as to do that they must have to come up with some solid proof but according to there own words:

“The Commission failed to adequately explain why it approved the listing of two bitcoin futures ETPs but not Grayscale’s proposed bitcoin ETP,”

Means they need something solid as metal to delay these ETFs.

I am also not a lawyer but if SEC wants to delay or reject the case then they need proof otherwise the news just paved way for other agencies.

[NotATether]

Now, let's send BTC to $30,000  

These SEC dummies do not do any financial policy properly, they bully cryptocurrencies and exchanges into making their work placed under their oversight (presumably so their members can get a cut off of listing fees), and they don't even play fetch with the real scammers like Logan Paul.

[bitmover]

That's a wonderful news, even if these pumps are temporary in the short term but it do elevate good vibes and create a good environment. I hope more news like these will come and one day we will see these types of platforms to get approved for there BTC ETFs. Because if the cases could make that huge pump in the market then the approval of such ETFs will bring unimaginable good results. I am too excited but having some experience of BTC and crypto and how such news could be manipulated. I can suppress my feelings for now.

I wouldn't say this is a temporary pump.

Etf is a long waited product for bitcoin holders and investors. Lots of different players are waiting for this kind of product to come in.

This is will make buying bitcoin a lot easier and more secure (in some people perspectives)

I believe an ETF launch in US can trigger a bull run

[KiaKia]

Thanks for the heads up, I was already bombard with messages on my phone and all my crypto portfolio are smiling hard in quick profit reactions, I wasn't expecting this to happen, at least there is a higher hope that other ETFs will be approved as time goes on, let's hope for the best by the fourth quarter of 2023, this is what will determine how 2024 will look like.

Right now bitcoin still needs to perform very well, probably back to 29k if possible before the monthly close, or else all this won't stop more bleeding coming for Bitcoin in September.

The month of September could also be one of the best times to invest in Bitcoin, I think this month we will slowly start to recover.  

[sunsilk]

Oh, that's why I'm surprised to see that there's a sudden push and green on the charts. Thanks!

I hope that this is just the start of the signal for the bull run. And upon winning the lawsuit against SEC, the chance and positivity of having a Bitcoin ETF from other applicants are also likely to get pushed.

What's next for the market? $30k to $100k? I miss the people that talks about the moon lol.

[mk4]

So we might see the first Spot ETF in the U.S soon[2]

Just to balance the inevitable bullishness — this doesn't automatically mean that we're going to get an ETF soon. As far as I know based on what I've read on law peeps on crypto Twitter — chances are, a postponement is what's highly likely to happen.

This win against the SEC is one hell of a good sign that brighter days are coming though.

[Majestic-milf]

This win against the SEC is one hell of a good sign that brighter days are coming though.

I couldn't agree more with you on that one. Seems Gary Gensler doesn't have sufficient reasons for why Grayscale ETF shouldn't be approved. I believe this will pave way for smooth sailing for other spot ETF applications that have been piled on SEC chairman's desk.
This is really good news and I'm glad for the climb to the price of Bitcoin and I feel this would be a good way to end the month of August if it's prices continues on this up trend

[Zoomic]

I also saw this message on my mobile and it was a surprise to see a big green candle after days and weeks of consolidation.



This is surely a big win for the Grayscale and a major setback for the SEC. This will also strengthen the case for Blackrock's approval for ETF.
I will not say that this will bring a bull run in the market but this will surely kill the many negative sentiments that were recently floating in the market.

I was surprised to see +1,330$ in bitcoin and I quickly searched the internet to know the reason behind it but could not find. Now that the price is somewhat up, 30k is evident.
I also think that this topic first in bitcoin child board (legal). Maybe Op wanted more visibility that is why he posted here.
At this point in time, the bitcoin market needs positive fundamentals honestly.

[NeuroticFish]

I was surprised to see +1,330$ in bitcoin and I quickly searched the internet

I was somewhat surprised too - although I do expect some nice prices after the summer ends - but I had no time to research when I've seen it.
So this topic simply gave me the info - and the great news - easily.
So the topic is useful (thanks OmegaStarScream). Just maybe it could have been worthy for Press, but that's its sole "problem" imho.

[LeGaulois]

Hey don't be in hurry guys.
It is not a win to convert the fund to a Spot ETF. They just ruled Grayscale's petition for review be granted & the commission's order be vacated
It’s only won the right to apply and the SEC can of course reject it

And it won't happen in 2023.

CLARIFICATION NEEDED 🚨:  

While Grayscale's legal victory is a momentous event in the ongoing battle between the crypto industry and the SEC, it does NOT guarantee the approval of a #BTC Bitcoin spot ETF. The court ordered the SEC to review Grayscale's previously rejected application. That's it.
It does NOT automatically result in a conversion to a spot ETF.👇

The decision has illuminated the SEC's inconsistent policy approach, compelling a mandatory review of Grayscale's application. While the decision appears to be indicative of a positive step toward broader institutional acceptance of Bitcoin, the SEC still retains the latitude to deny the application under different grounds.

There are still alot of uncertainties and NO guarantees. Grayscale's win is a step forward, but it is not the final word on the subject.
https://twitter.com/Invst_Informant/status/1696543653915705505

[bitzizzix]

Oh, that's why I'm surprised to see that there's a sudden push and green on the charts. Thanks!

I hope that this is just the start of the signal for the bull run. And upon winning the lawsuit against SEC, the chance and positivity of having a Bitcoin ETF from other applicants are also likely to get pushed.

What's next for the market? $30k to $100k? I miss the people that talks about the moon lol.

I was also very surprised, because I just saw the Bitcoin price hit 28k before and maybe a few hours ago I saw it was still 26k. And this is really surprising and exciting news after Grayscale finally officially won their lawsuit, and this news will make Bitcoin price continue to rise up to 30k in the near future.
and Victory against SEC is one of the good news for investors and regain their faith in Bitcoin, and their doubts have cleared and will come back to collect more Bitcoin to continue 100k.

[DooMAD]

I think the hype might be short-lived.  The SEC still have the final say on whether anything gets approved or not.  Otherwise every company would be filing a lawsuit.  Still don't think a Spot ETF will happen for another few years yet.

[Silberman]

Oh, that's why I'm surprised to see that there's a sudden push and green on the charts. Thanks!

I hope that this is just the start of the signal for the bull run. And upon winning the lawsuit against SEC, the chance and positivity of having a Bitcoin ETF from other applicants are also likely to get pushed.

What's next for the market? $30k to $100k? I miss the people that talks about the moon lol.

Obviously I miss it too but this is simply because it is not the right time yet for this to happen, a bull run is not made by a single event, instead it is a combination of factors, and the starting signal for this to happen is the halving, so while this is a positive news I do not think this is going to signal the start of long and sustained upward trend, however it is nice to see the price recovering as with this the bitcoin I bought a week ago is already producing profits for me.

[bittraffic]

This I guess is also the reason for the price running up.
I was already expecting Blackrock's ETF to be approved but GBTC might just be the one that is needed to kickstart the bull run if they are approved. Whichever of them will do though. Any of them. But I'm guessing whichever has the ton of BTC will be approved the first.

I think the hype might be short-lived.  The SEC still have the final say on whether anything gets approved or not.  Otherwise every company would be filing a lawsuit.  Still don't think a Spot ETF will happen for another few years yet.

I was about to be happy but you made me realize again that SEC always has the last word.  Not the time to celebrate yet.