{"id":549475,"date":"2023-08-31T02:00:34","date_gmt":"2023-08-31T02:00:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=549475"},"modified":"2024-06-11T08:18:21","modified_gmt":"2024-06-11T08:18:21","slug":"xrp-lawyer-reacts-grayscales-triumph-paves-way-for-bitcoins-next-big-thing","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/xrp-lawyer-reacts-grayscales-triumph-paves-way-for-bitcoins-next-big-thing\/","title":{"rendered":"XRP Lawyer Reacts: Grayscale’s Triumph Paves Way For Bitcoin’s Next Big Thing"},"content":{"rendered":"

The crypto industry echoed the news of Grayscale Investments’ groundbreaking victory<\/a> over the United States Securities and Exchange Commission (SEC) yesterday. This landmark lawsuit has established intriguing possibilities concerning approving a much-anticipated spot Bitcoin ETF product.<\/span><\/p>\n

A Win Bigger Than Just Approval?<\/span><\/h2>\n

John Deaton, the renowned lawyer representing XRP holders, is among the voices adding to this discussion. As the industry ponders the ramifications of Grayscale’s lawsuit triumph<\/a>, Deaton provides insights<\/a> into the prospects and timeline of the highly anticipated Bitcoin ETF.<\/span><\/p>\n

Related Reading: Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price<\/a><\/div>\n

Deaton’s commentary arrives hot on the heels of a Bloomberg report<\/a>. The report underlined that even if the lawsuit’s outcome doesn’t lead directly to the greenlighting of a spot Bitcoin ETF, the very nature of this win holds substantial implications for the overarching crypto environment<\/a>. <\/span><\/p>\n

The victory, according to the report, particularly stands as a testament to BTC, its miners, Coinbase, and the entirety of the cryptocurrency domain, the XRP lawyer added:<\/span><\/p>\n

\n

It\u2019s a massive win for #Bitcoin<\/a> , BTC miners, @coinbase<\/a>, and the Crypto industry in general. Does it mean the @Grayscale<\/a> Spot ETF, along with the others, will be granted immediately? No. But a spot ETF is happening. The relevant question is whether it will in 2023? https:\/\/t.co\/uUZUJ94dHz<\/a><\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) August 29, 2023<\/a><\/p><\/blockquote>\n

The Bitcoin ETF Timeline<\/span><\/h2>\n

While the hope surrounding the Bitcoin ETF’s approval is palpable, the attorney provides a reality check to the community. Grayscale’s aspirations for the BTC ETF remain high, but immediate approval seems unlikely. <\/span><\/p>\n

Contrary to the gist of the Bloomberg news report, Deaton is confident<\/a> about the eventual establishment of a spot Bitcoin ETF. Yet, the timeline remains uncertain.<\/span><\/p>\n

On August 29, Judge Rao of the Columbia Circuit approved Greyscale’s petition to transform their financial product into a Bitcoin Exchange Traded Fund (ETF)<\/a>. This marked a significant victory for Greyscale in its legal battle against the US SEC, which had previously denied the firm’s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF on June 29, 2022.<\/span><\/p>\n

Related Reading: Bitcoin Insider Trading Suspicions Take Root Following Grayscale Win, What\u2019s Happening?<\/a><\/div>\n

The court filing by the US District of Columbia Circuit noted<\/a>:<\/span><\/p>\n

The denial of Grayscale\u2019s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We therefore grant Grayscale\u2019s petition and vacate the order.<\/span><\/p><\/blockquote>\n

Grayscale’s CEO, Michael Sonnenshein, quickly took to his X account (formerly known as Twitter) to celebrate the decision. He expressed gratitude to the community and concluded by updating that the firm’s legal team is actively reviewing the Court’s opinion<\/a> to asses the next steps.\u00a0<\/span><\/p>\n

\n

\ud83d\udea8 JUST IN \ud83d\udea8<\/p>\n

The D.C. Circuit ruled in favor of @Grayscale<\/a> in our lawsuit challenging the SEC’s decision to deny $GBTC<\/a>‘s conversion to an ETF!<\/p>\n

Thank you to everyone who has been on this journey with us, especially our investors. We are grateful for your support and\u2026<\/p>\n

\u2014 Sonnenshein (@Sonnenshein) August 29, 2023<\/a><\/p><\/blockquote>\n

\"Bitcoin
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto industry echoed the news of Grayscale Investments’ groundbreaking victory over the United States Securities and Exchange Commission (SEC) yesterday. This landmark lawsuit has established intriguing possibilities concerning approving a much-anticipated spot Bitcoin ETF product. A Win Bigger Than Just Approval? John Deaton, the renowned lawyer representing XRP holders, is among the voices adding to this discussion. As the industry ponders the ramifications of Grayscale’s lawsuit triumph, Deaton provides insights into the prospects and timeline of the highly anticipated Bitcoin ETF. Related Reading: Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price Deaton’s commentary arrives hot on the heels of a Bloomberg report. The report underlined that even if the lawsuit’s outcome doesn’t lead directly to the greenlighting of a spot Bitcoin ETF, the very nature of this win holds substantial implications for the overarching crypto environment. The victory, according to the report, particularly stands as a testament to BTC, its miners, Coinbase, and the entirety of the cryptocurrency domain, the XRP lawyer added: It\u2019s a massive win for #Bitcoin , BTC miners, @coinbase, and the Crypto industry in general. Does it mean the @Grayscale Spot ETF, along with the others, will be granted immediately? No. But a spot ETF is happening. The relevant question is whether it will in 2023? https:\/\/t.co\/uUZUJ94dHz \u2014 John E Deaton (@JohnEDeaton1) August 29, 2023 The Bitcoin ETF Timeline While the hope surrounding the Bitcoin ETF’s approval is palpable, the attorney provides a reality check to the community. Grayscale’s aspirations for the BTC ETF remain high, but immediate approval seems unlikely. Contrary to the gist of the Bloomberg news report, Deaton is confident about the eventual establishment of a spot Bitcoin ETF. Yet, the timeline remains uncertain. On August 29, Judge Rao of the Columbia Circuit approved Greyscale’s petition to transform their financial product into a Bitcoin Exchange Traded Fund (ETF). This marked a significant victory for Greyscale in its legal battle against the US SEC, which had previously denied the firm’s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF on June 29, 2022. Related Reading: Bitcoin Insider Trading Suspicions Take Root Following Grayscale Win, What\u2019s Happening? The court filing by the US District of Columbia Circuit noted: The denial of Grayscale\u2019s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We therefore grant Grayscale\u2019s petition and vacate the order. Grayscale’s CEO, Michael Sonnenshein, quickly took to his X account (formerly known as Twitter) to celebrate the decision. He expressed gratitude to the community and concluded by updating that the firm’s legal team is actively reviewing the Court’s opinion to asses the next steps.\u00a0 \ud83d\udea8 JUST IN \ud83d\udea8 The D.C. Circuit ruled in favor of @Grayscale in our lawsuit challenging the SEC’s decision to deny $GBTC‘s conversion to an ETF! Thank you to everyone who has been on this journey with us, especially our investors. We are grateful for your support and\u2026 \u2014 Sonnenshein (@Sonnenshein) August 29, 2023 Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":521312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790,89265,4531],"class_list":["post-549475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt","tag-greyscale","tag-xrp"],"acf":[],"yoast_head":"\nXRP Lawyer Reacts: Grayscale's Triumph Paves Way For Bitcoin Next Big Thing<\/title>\n<meta name=\"description\" content=\"As the industry ponders the ramifications of Grayscale's lawsuit triumph, Deaton provides insights into the sought-after Bitcoin ETF...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"XRP Lawyer Reacts: Grayscale’s Triumph Paves Way For Bitcoin’s Next Big Thing","url":"http:\/\/uniquehot.com\/news\/xrp-lawyer-reacts-grayscales-triumph-paves-way-for-bitcoins-next-big-thing\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/xrp-lawyer-reacts-grayscales-triumph-paves-way-for-bitcoins-next-big-thing\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt","greyscale","xrp"],"dateCreated":"2023-08-31T02:00:34Z","datePublished":"2023-08-31T02:00:34Z","dateModified":"2024-06-11T08:18:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"XRP Lawyer Reacts: Grayscale’s Triumph Paves Way For Bitcoin’s Next Big Thing\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/xrp-lawyer-reacts-grayscales-triumph-paves-way-for-bitcoins-next-big-thing\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/xrp-lawyer-reacts-grayscales-triumph-paves-way-for-bitcoins-next-big-thing\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?fit=1140%2C815\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\",\"greyscale\",\"xrp\"],\"dateCreated\":\"2023-08-31T02:00:34Z\",\"datePublished\":\"2023-08-31T02:00:34Z\",\"dateModified\":\"2024-06-11T08:18:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549475"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=549475"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/521312"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=549475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=549475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=549475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}