Crypto enthusiasts think Ripple winning against the SEC is better than Grayscale launching a spot Bitcoin ETF.
Paul Barron Network, a cryptocurrency YouTube channel, has asked crypto community members to indicate a crypto-related event that could be a major win for the nascent industry.
In a tweet yesterday, Paul Barron Network asked its 81.4K Twitter followers to choose between Ripple’s win against the Securities and Exchange Commission or Grayscale launching a Bitcoin Spot exchange-traded fund (ETF).
“If you had to choose ONLY one, what do you think would be bigger/better for Crypto; Ripple case win? or Grayscale Spot ETF?” it said.
If you had to ONLY choose one. What do you think would be bigger/better for #Crypto; #Ripple case win? or #Grayscale Spot ETF? @JohnEDeaton1
Comment Below?
#GBTC #XRP #XRPArmy #SEC #garygenslerresign pic.twitter.com/lKapdLPDc1
— Paul Barron Network (@paulbarrontv) February 23, 2023
Interestingly, many people noted that Ripple winning its case against the Securities and Exchange Commission would be better and bigger for the entire cryptocurrency industry.
Significance of Both Events
It is noteworthy that both events are important to cryptocurrency enthusiasts. Grayscale launching a spot Bitcoin ETF will allow more institutional investors to gain exposure to the world’s largest cryptocurrency. The move is expected to increase institutional investors’ appetite for other crypto assets, including Ethereum (ETH), XRP, etc.
However, if Ripple wins its case against the SEC, United States policymakers will be prompted to establish clear regulations for the US crypto industry. It bears mentioning that the Securities and Exchange Commission is involved in both events.
Grayscale’s Quest to Launch a Spot Bitcoin ETF
Grayscale, a digital currency management company, has been committed to launching a spot Bitcoin ETF in the US. However, the SEC has consistently rejected the company’s request, claiming that spot Bitcoin ETFs are prone to fraudulent and manipulative conduct.
Grayscale’s last request for a spot Bitcoin ETF was rejected in June 2022, prompting the company to file a lawsuit requesting a review of the order.
If Grayscale’s request is approved, more institutional investors would likely join the cryptocurrency bandwagon by investing in the spot Bitcoin ETF.
Ripple Lawsuit
Meanwhile, Ripple has been in a lawsuit against the SEC for over two years. Recall that the SEC sued Ripple and two of its execs for offering unregistered securities in the form of XRP.
A federal district judge is currently analyzing the evidence in the case and is expected to give a ruling soon. Some XRP proponents, including Ripple CEO Brad Garlinghouse, believe the judge will rule on the case before the end of June 2023.
A win for Ripple could pave the way for clear regulation, especially when the industry lacks regulatory clarity.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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