SEC has 'no real chance' in Grayscale appeal, spot BTC ETFs 'inevitable'

- 2023 has seen a barrage of lawsuits and enforcement actions against cryptocurrency companies after the events of 2022, which included the collapse of FTX and Terra/Luna, highlighted the dire need to establish a regulatory framework for the rapidly growing asset class.

He noted that while this decision is “not officially precedent-setting as a district court decision, decisions of the Southern District of New York often yield greater respect, meaning the underlying rationale could well be referenced and applied in future similar cases which could shape future DeFi cases or ones involving securities issues.”

“Moreover, Judge Failla did point to the current state of crypto regulation and noted that relevant laws currently don’t exist, stating, ‘The Court declines to stretch the federal securities laws to cover the conduct alleged, and concludes that Plaintiffs’ concerns are better addressed to Congress than to this Court.’” he said.

“A very embarrassing outcome for the SEC,” he said. “Given this was a unanimous decision of the Court of Appeal, the SEC has no real chance of a successful appeal. Accordingly, the SEC only has two options, withdraw the approval for the futures BTC ETF or approve the spot BTC ETF.” “Let the SEC’s crusade of regulation by way of enforcement continue!” he said. “It is expected that the SEC will opportunistically seek to leverage these two enforcement actions against other NFT issuers.”

Source: Law Daily Report (lawdailyreport.net)

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