The cryptocurrency YouTube channel Paul Barron Network asked crypto community members to name an event that may be a huge win for the budding sector.
The options were: Grayscale‘s launch of a Bitcoin Spot exchange-traded fund or Ripple’s victory over the Securities and Exchange Commission (SEC).
“If you had to choose only one, what do you think would be bigger/better for crypto—a Ripple case win? or Grayscale Spot ETF?” It asked.
Several respondents believe that the entire cryptocurrency business would greatly benefit from Ripple’s victory in its legal battle against the Securities and Exchange Commission (SEC).
Both Events Are Important
Significantly, cryptocurrency enthusiasts value both events highly. By introducing a spot Bitcoin ETF, Grayscale will give more institutional investors access to the lead cryptocurrency.
The action is anticipated to stimulate institutional investors’ interest in other crypto assets, such as Ethereum (ETH), XRP, and others.
But, US officials would be compelled to create clear regulations for the US crypto industry if Ripple prevails in its legal battle with the SEC. Interestingly, the Securities and Exchange Commission is involved in both incidents.
Ripple has been in a legal battle with the SEC for more than two years, in December 2020, the SEC brought legal action against Ripple and two of its executives for selling XRP as unregistered securities.
A federal district judge is now reviewing the relevant material and is anticipated to issue a decision soon afterward.
On the other hand, Grayscale, a business that manages digital currencies, has pledged to introduce a spot Bitcoin ETF in the US. The SEC has, however, continuously denied the company’s request, arguing that spot Bitcoin ETFs are vulnerable to manipulation and fraud.
When Grayscale’s most recent proposal for a spot Bitcoin ETF was denied in June 2022, the business filed a lawsuit to ask for a review of the decision.
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