[SERIOUS] XRP Won, Grayscale Won: Who's Next? Coinbase and Binance?

XRP and Grayscale have both won their quests to get their products approved by the SEC. First, XRP won its lawsuit against the SEC, and now Grayscale won a court ruling to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).

A three-judge appeals panel vacated a decision by the SEC that blocked the ETF, ruling that the SEC had failed to adequately explain why it approved the listing of two BTC futures ETPs but not Grayscale's proposed BTC ETP.

Exact words:

The Commission failed to adequately explain why it approved the listing of two bitcoin futures ETPs but not Grayscale’s proposed bitcoin ETP. In the absence of a coherent explanation, this unlike regulatory treatment of like products is unlawful. We therefore grant Grayscale’s petition for review and vacate the Commission’s order.

And the victories of XRP and Grayscale are a major setback for the SEC, which has been criticized for its slow and cautious approach to cryptocurrency regulation. The SEC has been hesitant to approve spot bitcoin ETFs, arguing that they could be susceptible to fraud and manipulation. However, the appeals panel found that the SEC had not provided any evidence to support this claim.

Grayscale has said that it is actively reviewing the details outlined in the Court's opinion and will be pursuing next steps with the SEC as the SEC has not yet replied on the decision. It remains to be seen whether the SEC will approve Grayscale's Bitcoin ETP or be a crybaby again and appeal the ruling.

This is really big, and it could lead to more investment in the market by large entities. The ruling could also prompt other regulators to take a closer look at the cryptocurrency market, and soon we might have proper rules and regulations. It's a major win for Grayscale and for the industry as a whole and could pave the way for spot bitcoin ETFs to be approved by the SEC.

Now, after XRP and Grayscale won their respective cases against the SEC, it's now Coinbase's turn to show the SEC's bias against cryptocurrency. Sooner or later, Gary is going to get sacked, it's personal now.

After Effects:

• Coinbase share price rose 15%
• Grayscale Bitcoin Trust soared 17%
• Bitcoin gained 6%
• Total Crypto Market Cap 6%
• Altcoins Market Cap 3.7%

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TL;DR: XRP won its lawsuit against the SEC, and Grayscale won a court ruling that could pave the way for its Bitcoin ETP to be approved.