Grayscale vs. SEC: Crypto Industry Braces for Historic Court Case
-Grayscale and the SEC have been requested to present an oral argument to the SEC on March 7, 2023.
-The court motion was filed on the 23rd of January by an appeal court in the U.S., for the District of Columbia circuit.
-The outcome of Grayscale’s lawsuit holds significance for the price of Bitcoin.
The cryptocurrency industry is bracing itself for one of the most important court cases this year, with a motion recently filed by a court requesting an oral argument between Grayscale and the U.S Securities and Exchange Commission (SEC). The filing was made in reference to the lawsuit recently filed by Grayscale against the SEC.
The court motion was filed on the 23rd of January by an appeal court in the U.S., for the District of Columbia circuit. According to the filing, Grayscale and the SEC are now scheduled to present an oral argument on the 7th of March, 2023. 30 days prior to the argument, the names of panel members for the argument will be disclosed to the public on the court’s official website. The filing added that the time and date of oral argument will not change absent further order of the Court and that a separate order will be issued regarding the allocation of time for argument.
In an oral argument, the case is presented to the court verbally. Questions from the Intermediate appellate court judges, or the supreme court justices, might be thrown at lawyers or parties representing both sides of the case. Lawyers are typically given 30 minutes each, to answer these questions, and also make a case for their clients.
The result of the court case is said to be of great importance to the crypto industry as a whole. Grayscale has expressed frustration over the SEC’s decisions and their lawsuit against the SEC remains significant for the cryptocurrency market. It is still yet to be seen what the outcome of the case will be, however, it is clear that the industry is closely watching the proceedings.
With the hearing just around the corner, the cryptocurrency industry will soon find out the fate of Grayscale’s lawsuit. The outcome of the case could have a huge impact on the price of Bitcoin and the entire crypto market.