This was a bad week for the SEC as major loses begin to pile up. Brad Garlinghouse, CEO of Ripple, took a swipe at the U.S. Securities and Exchange Commission (SEC) in a tweet today, reacting to recent setbacks the agency has taken since Monday. The SEC has suffered three setbacks in court this week.
PBN Research
Big Win for GBTC
https://bitcoinist.com/grayscale-bitcoin-trust-up-10-after-victory-sec/
The digital asset manager filed a lawsuit against the Commission. Today, both parties presented their oral arguments. According to several experts, the company scored a win over the regulator, which led to a spike in the GBTC premium. This product returned to levels last seen in 2022 when Bitcoin was above $30,000.
Ripple Execs Voice Confidence
https://bitcoinist.com/ripple-execs-voice-confidence-after-sec-defeats/
“It’s only Tuesday, but shaping up to be a not-so-great week for the SEC (this ruling, Voyager, Grayscale),” Garlinghouse wrote. With the first ruling, the Ripple CEO referenced a tweet from fellow Chief Legal Officer (CLO) Stuart Alderoty.
Lawyers Just Raking in Money
https://bitcoinist.com/ftx-lawyers-bill-40-million/
FTX lawyers working on the crypto exchange’s bankruptcy case billed nearly $40 million in expenses in January, according to documents filed in court. The high legal fees have raised concerns among some creditors and stakeholders, who question whether the expenses are reasonable and necessary for the bankruptcy proceedings.