XRP Lawyer Predicts Win For Grayscale In Lawsuit Against US SEC

Grayscale Investments, a company that manages digital assets, is preparing for the oral arguments set to take place on March 7 in its lawsuit against the U.S. Securities and Exchange Commission (SEC). Meanwhile, an attorney who is representing XRP holders in the Ripple lawsuit has made a prediction regarding the outcome of the Grayscale vs. SEC case.

XRP Lawsuit Bids For Grayscale

According to Attorney John Deaton, who is serving as Amicus Curiae in the ongoing XRP lawsuit, Grayscale Investment is likely to prevail in its legal battle against the U.S. Securities and Exchange Commission (SEC). Deaton believes that the SEC has a poor track record in legal proceedings when facing opposition. Ripple's Chief Legal Officer, Stuart Alderoty, also pointed out that the SEC has lost four out of its last five lawsuits in the country's Supreme Court. However, Alderoty emphasized the necessity of having the courage and resources to continue battling the commission in court.

Grayscale has filed an application with the US SEC to convert its main product, Grayscale Bitcoin Trust, into a spot Bitcoin ETF. As per the regulatory process, the application has entered a standard 240-day open review period. However, on June 29, 2022, the US regulatory agency denied the proposal to convert GBTC into an ETF.

After the US SEC rejected Grayscale Investments' application to convert its flagship product, Grayscale Bitcoin Trust, into an ETF in June 2022, the crypto asset management firm filed a petition review with the court of Appeals for the D.C. circuit on the same day. This move came after the US SEC approved ProShares' futures-based Bitcoin ETF in October 2021.

The US SEC's rejection was based on Grayscale's failure to address concerns related to market manipulation and investor protection. The Grayscale Bitcoin Trust has $14.7 billion in assets under management, but over the past 12 months, the GBTC discount to Bitcoin has been hovering around 45%.

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