Ripple’s Win To SEC Over The BTC Spot ETF Has Been Voted The Biggest Event To Occur In Crypto

It has been the opinion of crypto enthusiasts for some time that Ripple winning against the SEC is preferable to Grayscale launching a spot Bitcoin ETF.

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Crypto community members have been asked to indicate a crypto-related event that could be a major win for the nascent industry. Paul Barron Network, a crypto YouTube channel, requested that members say what they believe to be a crypto-related event. 

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Yesterday, Paul Barron Network asked its 81.4K Twitter followers to decide whether they would like to see Ripple win against the Securities and Exchange Commission or Grayscale launch a Bitcoin Spot exchange-traded fund (ETF).

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“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.

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There were a lot of people who noted that if Ripple were to win its case against the Securities and Exchange Commission, it would be better and bigger for the entire cryptocurrency sector.

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Significance of Both Events

Cryptocurrency enthusiasts should take note of the importance of both events. Grayscale is launching a spot Bitcoin ETF, which will allow more institutional investors to gain exposure to one of the world's largest cryptocurrencies. As a result of this move, the appetite of institutional investors for other crypto assets, such as Ethereum (ETH), XRP, and many others, is expected to increase.

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There is, however, a possibility that, if Ripple wins its case against the SEC, policymakers in the United States will be motivated to establish clear regulations with regard to the US crypto industry as a whole. The Securities and Exchange Commission is involved in both of these events, which is worth mentioning.

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Grayscale’s Quest to Launch a Spot Bitcoin ETF

There has been a commitment from Grayscale, a company that manages digital currencies in the US, to launch a spot Bitcoin ETF. Despite the company's request, the SEC consistently rejects it, claiming spot Bitcoin ETFs are prone to fraud and manipulation.

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In June 2022, Grayscale's most recent request for a Bitcoin ETF was rejected, prompting the company to file a lawsuit in order to request a review of the decision.

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The spot Bitcoin ETF would likely attract more institutional investors if Grayscale's request is approved.

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Ripple Lawsuit

During the same time period, Ripple has been fighting the SEC for over two years in a lawsuit. In the past few months, the SEC has filed a lawsuit against Ripple and two of its executives out of the allegation that XRP was an unregistered security.

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As a result of the evidence that has been presented to a federal district judge, a ruling is expected to be issued within the next few days. It is believed that the judge will reach a decision on the case before the end of June 2023, according to some XRP supporters, including Ripple CEO Brad Garlinghouse.

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Ripple's success could lead to clearer regulation, especially in an industry with little regulation.

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