U.S. has chance for digital asset resurgence after multiple court rulings ‘curb’ SEC. This was stated by the partner of the law firm K&L Gates Jeremy McLaughlin at the Intersekt23 conference, reports Cointelegraph.
“Now that the courts are beginning to gradually upset [Комиссию]I think there is some hope that the crypto industry in the United States will revive again,” he stressed.
According to McLaughlin, the early regulation of cryptocurrencies was at the state level and was “pretty clear.” However, the federal agencies SEC and CFTC – then most of the market began to close.
The lawyer noted that many platforms began delisting tokens after seeing how aggressive the regulatory climate in the US is.
On August 29, asset manager Grayscale won a case against the SEC to convert its flagship GBTC trust into a bitcoin ETF. The first cryptocurrency reacted with an increase of almost 6% in an hour.
The decision followed a series of applications to the Commission by a number of large financial institutions like BlackRock and Fidelity for the registration of exchange-traded funds based on the spot price of the first cryptocurrency. Bitcoin ETF futures have been trading in the US since 2021.
After Grayscale’s victory, Bloomberg analysts James Seyffart and Eric Balchunas estimated the probability of launching a spot Bitcoin ETF before the end of 2023 at 75%.
Earlier, the SEC also partially lost hearings against Ripple Labs. In July 2023, the Court of the Southern District of New York concluded that programmatic sales and other distributions of the XRP token do not constitute an offer or implementation of investment contracts, as the agency claimed. After that, the regulator filed an appeal.
McLaughlin added that being a lawyer in this area is quite difficult. It’s especially disappointing when you can’t give clear answers to a client, he stated.
Recall that the US Congress proposed to fire the head of the SEC, Gary Gensler, after a court decision to convert the Grayscale bitcoin trust into an ETF.
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