[JUST IN] Grayscale wins lawsuit against the SEC

[Woodie]

The current market price hasn't done justice after receiving this great news, as things looked like a one way street in favour of SEC! But against all odds the coin flipped in favor of Grayscale which has let most of our coins in green, and we need to build enough momentum to push price up  and get the herd mentality
and buying back on the road

While they may have won their lawsuit, this just puts them on the list awaiting approval with everyone else.

Will take the "W" for now...

And the court siding with Grayscale opens up the doors for more to get on that list... But I guess the real fight hasn't began as getting the approval process is another pain in the b***

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[Lucius]

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

And then I wonder (as well as some others) why the market reacted in such a positive way, considering that regardless of the court decision, 5+ months may still pass until the SEC makes a final decision whether to approve a spot ETF from any company. However, theoretically, the approval can also happen during 2023, considering the deadlines, especially if the SEC is a team player of the company (BR) that is closest to the top of the US government and that has the greatest chance of being the first to get the green light.

In any case, in less than half a year we will know whether the SEC will finally give in to the pressure, or whether the story will have a new continuation during the next year as well.

[Wind_FURY]

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

And then I wonder (as well as some others) why the market reacted in such a positive way, considering that regardless of the court decision, 5+ months may still pass until the SEC makes a final decision whether to approve a spot ETF from any company. However, theoretically, the approval can also happen during 2023, considering the deadlines, especially if the SEC is a team player of the company (BR) that is closest to the top of the US government and that has the greatest chance of being the first to get the green light.

In any case, in less than half a year we will know whether the SEC will finally give in to the pressure, or whether the story will have a new continuation during the next year as well.

Because it's a step in the right direction. Think of the current situation if the court decision was for the SEC. Bitcoin would probably crashed further under $25,000, placing it below its 200-Weekly SMA. Which would be another opportunity for buying the DIP, but that would not be very good for our mental health. Hahaha. Sometimes we need something more positive to happen.

 

Those people who gambled in the discount for GBTC's Net Asset Value will make a lot of money.

[OgNasty]

The current market price hasn't done justice after receiving this great news, as things looked like a one way street in favour of SEC! But against all odds the coin flipped in favor of Grayscale which has let most of our coins in green, and we need to build enough momentum to push price up  and get the herd mentality
and buying back on the road

While they may have won their lawsuit, this just puts them on the list awaiting approval with everyone else.

Will take the "W" for now...

And the court siding with Grayscale opens up the doors for more to get on that list... But I guess the real fight hasn't began as getting the approval process is another pain in the b***

The funny thing is that while Grayscale may have won their case, ultimately it is a lose lose for them. When they do convert their fund to a spot ETF, they’ll lose a ton of revenue as they’ll also have to drop their fees. So ironically Grayscale is shooting themselves in the foot by advancing the industry with this lawsuit. A good thing for their customers though.

[pooya87]

It is interesting to see there are still irrational traders (also known as weak hands) making emotional decisions. Starting with the irrational drop below $30k and now with the recent rise back up as panic buyers are most probably reacting to this news over the past day forming another big green candle.
The only important question is whether this is going to turn into a positive momentum?

[Davidvictorson]

Good news sure looks good on the bitcoin price and it is not just any good news it is a significant news. It is not over yet because we know how the SEC likes to fight and they have some about 45 days to appeal the ruling. Although the basic argument to my understanding is that if they approve the Bitcoin futures ETF they should hold back on approving Bitcoin spot ETF. Within the 45 days they have to file an appeal, it would not come as a shock to me if they come up with some flimsy excuse not to approve the BTC spot ETF.

[panganib999]

So that was why the price shot up to 28k yesterday to for a bit. Amazing stuff. Although I'm not quite sure what implications this would bring into the world of crypto altogether besides the fact that this will open doors for wall street wankers to dip their toes in and invest in crypto like the rest of us. Which in itself is nothing quite short of fantastic and scary at the same time since every stock that hits the wall street gets to be adopted pretty quickly by the public, but at the same time they are also prone to getting manipulated for profit, which isn't going to be great for us.

Regardless, for the meantime I guess let's just celebrate this small victory?

[LeGaulois]

Follow the money.

The only thing that matters is their bank account. They do not really care about "not your keys, not your coins".
At best, they will tell you it helps Bitcoin to be more adopted. LOL, like if the average Joe working for the minimum wage has money to put in ETF.

No, no, no, the truth is they are only interested to see the price incrasing, no matter what is needed to see it happen. They were saying the same things with regulations. Remember it.
"not your keys, not your coins" is just a marketing tool like "bitcoin o the moon" used to create the hype.

Trully man, they're like the refugees coming in Europe with a boat

[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.

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.

It will be back to $30k but for now, it's starting a bit of overwhelmed so it has to correct a little. While this lawsuit that has won against SEC for the ETF, other companies prolly have taken a huge chance and have more hope on this one.

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.

Yeah, there will be more of this and we need more of that. The combination of these events will push the price after the halving. And that's the factor that will have everything signalled.

If we've been in the drop recently, it won't last and there's going to be some recovery needed.

[SquirrelJulietGarden]

It will be back to $30k but for now, it's starting a bit of overwhelmed so it has to correct a little. While this lawsuit that has won against SEC for the ETF, other companies prolly have taken a huge chance and have more hope on this one.

Rest of this year will be boring but we have to hold our bitcoin and don't sell it because of disappointment. Whales only wait for weak hands to shake their bitcoin with cheap prices.

2024 will be a good year for Bitcoin, a halving in April and perhaps a first Bitcoin Spot ETF in the USA. With a won lawsuit of Grayscale against SEC, more hope that first Bitcoin Spot ETF will be approved next year. It might be approved in late months of 2024 when a new bull run, after April halving, already goes through a few months to be heated up enough. Then big news with first Bitcoin Spot ETF will help Bitcoin to make a new all time high, a peak for a new bull run.

[GreatArkansas]

(....)

Rest of this year will be boring but we have to hold our bitcoin and don't sell it because of disappointment. Whales only wait for weak hands to shake their bitcoin with cheap prices.

2024 will be a good year for Bitcoin, a halving in April and perhaps a first Bitcoin Spot ETF in the USA. With a won lawsuit of Grayscale against SEC, more hope that first Bitcoin Spot ETF will be approved next year. It might be approved in late months of 2024 when a new bull run, after April halving, already goes through a few months to be heated up enough. Then big news with first Bitcoin Spot ETF will help Bitcoin to make a new all time high, a peak for a new bull run.

Like a clockwork then!
This is also what I can see in the remaining months of this year. I'll be more bullish at the very start of the year 2024 it's also because I am waiting for the next Bitcoin block halving like previous block halvings we had.

[dansus021]

First legal ETF in the US but I am still waiting for approval for BlackRock and Fidelity Investment since both of them are crazy fund manager with total trilion dollar so approved both will make bitcoin price stonk.

and like my previous post about the Sec loses much money and cases from XRP, Binance and Coinbase and now Grayscale  will see when this lawsuit game end

[bbc.reporter]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Also, I thought that the community wanted mainstream adoption, however, when the real rulers and institutional investors begin to lobby for more and stricter regulations, more KYC, more transparency on transactions and more control on the cryptospace, everyone starts complaining hehehe. This is a very head shaking human occurrence hehe. This is what mainstream adoption will certainly be. The cryptospace before 2017 will not be similar to the cryptospace after 2023. It will be a rich man's playground very much similar to traditional finance.

[YUriy1991]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Also, I thought that the community wanted mainstream adoption, however, when the real rulers and institutional investors begin to lobby for more and stricter regulations, more KYC, more transparency on transactions and more control on the cryptospace, everyone starts complaining hehehe. This is a very head shaking human occurrence hehe. This is what mainstream adoption will certainly be. The cryptospace before 2017 will not be similar to the cryptospace after 2023. It will be a rich man's playground very much similar to traditional finance.

Yes, The cryptospace before 2017 will not be similar to the cryptospace after 2023 and the bottom line is that the reason why these BTC exist and have become so popular is that they avoid control by central banks and governments as well .

[BlackHatCoiner]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Why not both? Why do we have to stick in one no matter what? Sure, encouraging people holding their own bitcoin is good, but apparently, the regulatory oversight and the convenience an ETF provide outweighs the benefit of doing self-custody for institutional investors.

Let's accept it already. Regulations aren't in favor of the Bitcoin spirit. If we truly like the concept of a decentralized, denationalized, free enterprise money, then accepting the governmental compromises is inevitable. Achieving the desired outcome, which is more or less to make Bitcoin official, involves sacrifices. Otherwise we will continuously remain the unofficial, non-systemic currency.

[franky1]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Why not both? Why do we have to stick in one no matter what? Sure, encouraging people holding their own bitcoin is good, but apparently, the regulatory oversight and the convenience an ETF provide outweighs the benefit of doing self-custody for institutional investors.

adding to blackhat point(shock) but more so explaining to loyceV
some individuals want to use their personal disposable income to hoard coin privately by themselves, they also want their employment retirement plan to invest into the exposure of bitcoin which can only be done via official regulated financial tools like ETF

[LoyceV]

some individuals want to use their personal disposable income to hoard coin privately by themselves, they also want their employment retirement plan to invest into the exposure of bitcoin which can only be done via official regulated financial tools like ETF

That would indeed the only "valid" reason to use a Bitcoin ETF. I like to get the tax benefits of pension investments, but currently can't get that with Bitcoin.

[Wind_FURY]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Why not both? Why do we have to stick in one no matter what? Sure, encouraging people holding their own bitcoin is good, but apparently, the regulatory oversight and the convenience an ETF provide outweighs the benefit of doing self-custody for institutional investors.

Let's accept it already. Regulations aren't in favor of the Bitcoin spirit. If we truly like the concept of a decentralized, denationalized, free enterprise money, then accepting the governmental compromises is inevitable. Achieving the desired outcome, which is more or less to make Bitcoin official, involves sacrifices. Otherwise we will continuously remain the unofficial, non-systemic currency.

I would be lying to myself if I would say that I'm not excited that BlackRock wants to be involved in Bitcoin and use it as an investment vehicle. BUT at the same time, we truly can't deny the FACT that custodial entities, if large enough, could be very dangerous for the future of the network.

[bittraffic]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Why not both? Why do we have to stick in one no matter what? Sure, encouraging people holding their own bitcoin is good, but apparently, the regulatory oversight and the convenience an ETF provide outweighs the benefit of doing self-custody for institutional investors.

Let's accept it already. Regulations aren't in favor of the Bitcoin spirit. If we truly like the concept of a decentralized, denationalized, free enterprise money, then accepting the governmental compromises is inevitable. Achieving the desired outcome, which is more or less to make Bitcoin official, involves sacrifices. Otherwise we will continuously remain the unofficial, non-systemic currency.

I would be lying to myself if I would say that I'm not excited that BlackRock wants to be involved in Bitcoin and use it as an investment vehicle. BUT at the same time, we truly can't deny the FACT that custodial entities, if large enough, could be very dangerous for the future of the network.

It's going that way whether we like it or not. Institutions and regulatory bodies are up to controlling the crypto market worse than 51 attack but because it's a free market, they can buy all BTC if they really want to. In just a decade they realized they couldn't beat BTC so they joined. It's going to make the prices go to Mars but there is a catch.

There is a huge chance that GBTC will be converted into Spot ETF as they say. We'll just have to wait for SEC's decision, I think 40 days?

[franky1]

some individuals want to use their personal disposable income to hoard coin privately by themselves, they also want their employment retirement plan to invest into the exposure of bitcoin which can only be done via official regulated financial tools like ETF

That would indeed the only "valid" reason to use a Bitcoin ETF. I like to get the tax benefits of pension investments, but currently can't get that with Bitcoin.

you can also when redeeming bitcoin use other tax loopholes like giving yourself a personal loan. and other methods the elites use to not pay tax on funds. such as trust funds

speak to a tax accountant.