What exactly is happening in the crypto market? Bitcoin skyrocketed by 15% overnight: analysis of six major reasons! (three)
3. Grayscale has submitted S-3 filing documents for GBTC in an attempt to obtain approval for a spot Bitcoin ETF
Bloomberg ETF analyst James Seyffart said on the Convert to spot Bitcoin ETF. Grayscale said it is eligible to file using Form S-3 because its shares have been registered under the Securities Exchange Act of 1934 since January 2020 and meet other requirements of the form.
Grayscale said in a statement that GBTC intends to list on NYSE Arca under the symbol GBTC and continue to issue shares subject to the approval of the stock listing application on NYSE Arca's Form 19b-4 and the validity of the shares registered on Form S-3.
3. SEC loses to Ripple
1. SEC drops charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen
The U.S. Securities and Exchange Commission (SEC) has dropped charges against Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen, according to a public legal filing. The SEC and Ripple will continue to discuss the remainder, and the parties intend to meet and agree on a possible briefing schedule on outstanding issues in the case (regarding Ripple’s institutional sales of XRP in violation of Section 5), which could take place in 2023, the filing said. Completed before November 9th.
Ripple announced that this is the third victory for Garlinghouse, Larsen and Ripple after the court ruling in July 2023 declared that "XRP itself is not a security" and the SEC's interlocutory appeal request was rejected in October.
Stuart Alderoty, chief legal officer of Ripple Labs, said: The SEC made a serious mistake when charging Brad & Chris personally - now, the other party has surrendered and dismissed all charges against our executives. This is not a settlement, this is It's the SEC's capitulation.
2. The SEC has a 3%-14% chance of winning in its appeal against Ripple.
Lawyer Bill Morgan said: The US SEC’s chances of winning the appeal against Ripple are very slim.
