- SEC discontinues legal actions against Ripple’s CEO, Brad Garlinghouse, and co-founder Chris Larson.
- Momentum builds in the BTC-spot ETF realm with Grayscale and Fidelity hinting at potential SEC approvals.
SEC’s Unexpected Ripple Reprieve
In an unexpected turn, the Securities and Exchange Commission (SEC) of the US has decided to abandon its legal pursuits against Ripple’s prominent figures: CEO Brad Garlinghouse and co-founder Chris Larson. This surprising move comes amidst the release of a court document, signaling the SEC’s inclination to engage Ripple in discussions concerning a potential briefing schedule about the still-unresolved SEC vs. Ripple lawsuit.
Chris Larson, expressing his sentiments on the turn of events, articulated,
“For three tumultuous years, we’ve witnessed a somewhat unpredictable administrative approach, one demanding scrutiny not just for the evident biases that triggered these unsubstantiated allegations, but for the repercussions it has had on America’s global stature as a hub of innovation.”
It’s noteworthy to remember that this legal conflict originated back in 2020 when the SEC levied charges against both Ripple and its leadership.
The BTC-Spot ETF Race Accelerates
In a closely related sphere, the Bitcoin (BTC) Spot Exchange-Traded Fund (ETF) realm is witnessing discernible momentum. Grayscale Investments, a dominant player, has made its strategic move by submitting a Form S-3 Registration Statement to the SEC. This is seen as a pivotal step in Grayscale’s quest to morph its Bitcoin Trust into an ETF.
Given the fact that Grayscale recently emerged victorious in its legal tussle with the SEC, there’s burgeoning optimism in the market about the possibilities.
The crypto space is rife with anticipation regarding the inception of the first BTC-spot ETF in the US. Grayscale’s endeavors, combined with Fidelity’s recent filings, project a narrative of palpable progress in this direction. Notable industry figures like Mike Novogratz, CEO of Galaxy Digital, foresee a 2023 approval for the BTC-spot ETF. James Seyffart, an ETF analyst with Bloomberg Intelligence, goes even further, assessing a whopping 90% likelihood for the SEC green-lighting the Ark BTC-spot ETF application.
Market Responses: BTC and ETH
The market dynamics for both Bitcoin (BTC) and Ethereum (ETH) have showcased intriguing movements post these developments. BTC continues its bullish trend, hovering above crucial metrics like the 50-day and 200-day Exponential Moving Averages (EMAs). On the other hand, ETH’s positioning below these EMAs indicates a more bearish stance, though external factors, including potential ETH-spot ETF news, could shift its trajectory.
The broader crypto landscape remains delicately poised, awaiting the SEC’s next moves, and the subsequent market responses.