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The Securities and Exchange Commission (SEC) will not contest a court ruling favoring Grayscale’s proposed spot Bitcoin exchange-traded fund (ETF). An Oct. 14 update from Bloomberg citing an inside source has revealed that the SEC has chosen not to appeal the District of Columbia Court of Appeals’ decision from August, which argued that the regulator had erred in dismissing Grayscale’s Bitcoin exchange-traded fund application. The SEC isn’t planning to ask a federal appeals court to reconsider a ruling that paved the way for Grayscale to launch a spot Bitcoin ETF https://t.co/P89YwCXC2f — Bloomberg Crypto (@crypto) October 13, 2023 The case has been under the industry’s microscope as various players in the financial landscape have vied for the approval of spot Bitcoin ETFs in recent times. The SEC’s surprising move to step back may well set the stage for a comprehensive review of Grayscale’s proposal. The investment giant’s propo...

Stuart Alderoty says that an appeal by the Securities and Exchange Commission could see Ripple consolidate its victory over the regulator even further. Concerns of a potential appeal by the United States securities regulator to the landmark Ripple ruling earlier this month were shrugged off by Ripple’s chief legal officer. Stuart Alderoty believes that if the SEC takes the case to an appeal , the court could move to consolidate Ripple Labs’ partial victory over the financial regulator even further. Speaking on a July 26 TechCrunch podcast, Alderoty reiterated his position that the XRP (XRP) token does not constitute an investment contract and that the Ripple team would not shy away from any appeal brought to the courts by the SEC. “We think the judge got that right, and we think that was a faithful application of the law, and I think a court of appeals will not only affirm that but maybe even amplify that to even a greater extent.” On July 13, Judge Analisa Torres ruled XRP was no...

Join Our Telegram channel to stay up to date on breaking news coverage The cryptocurrency market is trading in the green today. However, the biggest gainer in the last 24 hours is LBRY Credits (LBC), which has pumped by 72% in the last 24 hours. The token is rallying as the company records a major win a gains t the US Securities and exchange commission. LBRY records a major win against the SEC The SEC has been under criticism for regulating the cryptocurrency industry through enforcement. Therefore, the win for LBRY in its SEC case has been seen as a win for the entire sector. On November 7, 2022, the SEC obtained a summary judgment in its favor as the sale of LBC tokens was deemed an investment contract within the six years that the token was in existence. The regulatory body hoped to use the judgment to get regulatory authority over the secondary crypto market. LBRY Credits filed an appeal on this judgment, and Attorney John Deaton has helped the company secure a major...