Grayscale defeats SEC, ETF drama takes spotlight, Ronaldinho embroiled in crypto scam

This week, Grayscale triumphed in a high-stakes battle against U.S. regulators, while developments emerged regarding spot-based BTC ETF applications. Amidst these events, football star Ronaldinho found himself embroiled in a crypto controversy.

Grayscale secures victory

Grayscale’s legal triumph over the U.S. Securities and Exchange Commission (SEC) seized the spotlight this week. In a groundbreaking decision by a federal court in Washington, Grayscale received the green light to introduce a spot-based BTC ETF in the U.S.

This judicial action overturned the SEC’s previous denial of Grayscale’s proposal, deeming it irrational and unjustified. The development ignited a surge of optimism within the crypto community, catalyzing an upswing in the market.

Despite the market’s positive response, Bitcoin critic Peter Schiff expressed a note of caution regarding the implications of Grayscale’s legal triumph. He voiced concerns about potential repercussions when Grayscale transitions its GBTC fund into a spot Bitcoin ETF.

Schiff noted that currently, traders have the ability to purchase GBTC and subsequently sell or engage in shorting Bitcoin. He explained that once GBTC completes its transition to an ETF, the discount in relation to its net asset value would cease to exist. This could result in moves that would pump more BTC into the market.

SEC comes under fire

In a development on Capitol Hill, U.S. Congressman Warren Davidson, representing Ohio, once again called for the dismissal of SEC Chair Gary Gensler.

This followed the court ruling that favored Grayscale, which Davidson believes adds weight to the argument that Gensler’s actions at the SEC are inconsistent and unreasonable. Grayscale’s victory marked the second legal setback for Gensler in a two-month span.

In addition, Vivek Ramaswamy, a Republican candidate in the U.S. presidential race recognized for his pro-crypto stance, endorsed the judicial decision that fa

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Author: Wahid Pessarlay

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