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Ripple chief legal officer Stuart Alderoty said the approval of spot Bitcoin ETF in the United States became possible only because of the U.S. Securities and exchange commission’s (SEC) setbacks in court. He remarked that the SEC was an ‘out of control regulator.’

Also Read: Crypto Scam: Indian Engineer Loses $15,000 on Telegram

Bitcoin ETF: Enforced By Courts

Alderoty recalled that the ETF approval was a result of legal enforcement from court cases in which the agency lost. In the Grayscale lawsuit, the a US Court of Appeals for the District of Columbia Circuit judge remarked in a ruling on August 29, 2023 that the SEC officials acted in an arbitrary and capricious manner when it denied the conversion of the Grayscale Bitcoin Trust (GBTC) into an exchange traded fund (ETF). The company had argued that the US SEC was being impartial when compared to the terms under which the bitcoin futures ETF applications were approved.

Also Read: Spot Bitcoin ETF Approved: Here’s Why Grayscale is the Biggest Winner

The post Ripple Legal Chief Credits US SEC Court Losses For Bitcoin ETF Approval appeared first on CoinGape.

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