CRYPTO LITTER
TrendsyToken.io
  • Coin Tracker
  • Bitcoin

    BTC To See Correction Below $10K, Predicts Founder Of Midas

    Can XRP Continue To Outperform Bitcoin?

    Ethereum Price Remains Vulnerable, Will ETH Fall Back To $1K?

    Stablecoin Could be Russia’s Preferred Medium of Exchange for Foreign Trade: Chainalysis

  • Ethereum

    Finalized no. 25 | Ethereum Foundation Blog

    EF-Supported Teams: Research & Development Update

    Grantee Roundup: April 2021 | Ethereum Foundation Blog

    Announcing the EF Fellowship Program, Cohort #2

  • Blockchain
  • NFT Trends

    DeGods Removes Royalties from Resales

    Orange Comet Strikes Partnership with Sir Anthony Hopkins

    CNN’s NFT Platform Shuts Down, Users are Raging

    The SEC Casts a Beady Eye Over Yuga Labs’ Operations

  • Fashion Trends

    What to Wear Hiking This Summer

    35 Affordable Items I’m Eyeing From the Shopbop Sale

    12 Water-Based Makeup Products That Give You Dewy Skin

    The Best Postpartum Clothes I Wore on Maternity Leave

  • VR & Metaverse

    Meta Working With Ray-Ban On New Smart Glasses

    Quest Pro’s Controllers Have “Up To” 8-Hour Battery Life

    VR Developer Schell Games Donates $20K To Charities

    Meta Avatars Getting Legs Soon, And New Graphics Next Year

No Result
View All Result
  • Coin Tracker
  • Bitcoin

    BTC To See Correction Below $10K, Predicts Founder Of Midas

    Can XRP Continue To Outperform Bitcoin?

    Ethereum Price Remains Vulnerable, Will ETH Fall Back To $1K?

    Stablecoin Could be Russia’s Preferred Medium of Exchange for Foreign Trade: Chainalysis

  • Ethereum

    Finalized no. 25 | Ethereum Foundation Blog

    EF-Supported Teams: Research & Development Update

    Grantee Roundup: April 2021 | Ethereum Foundation Blog

    Announcing the EF Fellowship Program, Cohort #2

  • Blockchain
  • NFT Trends

    DeGods Removes Royalties from Resales

    Orange Comet Strikes Partnership with Sir Anthony Hopkins

    CNN’s NFT Platform Shuts Down, Users are Raging

    The SEC Casts a Beady Eye Over Yuga Labs’ Operations

  • Fashion Trends

    What to Wear Hiking This Summer

    35 Affordable Items I’m Eyeing From the Shopbop Sale

    12 Water-Based Makeup Products That Give You Dewy Skin

    The Best Postpartum Clothes I Wore on Maternity Leave

  • VR & Metaverse

    Meta Working With Ray-Ban On New Smart Glasses

    Quest Pro’s Controllers Have “Up To” 8-Hour Battery Life

    VR Developer Schell Games Donates $20K To Charities

    Meta Avatars Getting Legs Soon, And New Graphics Next Year

No Result
View All Result
Crypto Litter
No Result
View All Result
Home Bitcoin

SEC has ‘no basis’ to reject Bitcoin Spot ETF: Grayscale Investments

December 1, 2021
in Bitcoin
614
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

[ad_1]

In a letter dated 29 November, Grayscale Investments has questioned the Securities and Exchange Commission’s (SEC) decision to block Bitcoin Spot ETFs. The asset manager argued that the commission has “no basis” to allow investing in the derivatives market and not “in the asset itself.”

The SEC has made a series of rejections lately that includes an offering by VanEck. While Grayscale considers it “discriminately,” it is also awaiting approval on its filing to convert the Grayscale Bitcoin Fund (GBTC) into a spot offering.

Citing reasons such as strong demand for physically-backed products, Dave LaValle, Global Head of ETFs at Grayscale Investments, had previously argued,

“At Grayscale, we believe that if regulators are comfortable with ETFs that hold futures of a given asset, they should also be comfortable with ETFs that offer exposure to the spot price of that same asset.”

In the aforementioned letter, Grayscale also reiterated that because Bitcoin is not a “security,” there are no registration prerequisites under the Investment Company Act of 1940. Additionally, it questioned the regulator’s prior disapprovals premised on risks of fraud and market manipulation. According to the firm, the disapproval order “unfairly discriminates against BTC and its shareholders” and violates the Administrative Procedure Act (APA).

The crypto-industry has been long asking for a physically-backed spot ETF. Earlier last month, Bitwise also bet on a spot product with CIO Matt Hougan noting,

“Ultimately, what many investors want is a spot Bitcoin ETF. We think that’s possible. So Bitwise will continue to pursue that goal, and we will look for other ways to help investors get access to the incredible opportunities in crypto.”

Alas, SEC Chair Gary Gensler is more comfortable with crypto-Futures ETF over any spot offerings.

The letter also touched upon the fact that while the currently trading Bitcoin Futures products have been welcomed by the market, the “Commission has continued to apply its vague and discretionary Section” between the two products.

“Under the APA, the Commission must treat similarly situated products similarly unless it has a reasonable basis for disparate treatment.”

Grayscale claimed that the investor risks of Bitcoin-backed spot and Futures exchange products are “indistinguishable.” It went on to add that “unfair” treatment is more likely to “harm, rather than protect, U.S. investors.”

[ad_2]

Source link

Related articles

BTC To See Correction Below $10K, Predicts Founder Of Midas

Can XRP Continue To Outperform Bitcoin?

Share76Tweet472

Related Posts

BTC To See Correction Below $10K, Predicts Founder Of Midas

Bitcoin (BTC) hasn’t been in its best state lately, falling from a high of over $69,000 to the current...

Can XRP Continue To Outperform Bitcoin?

Ripple struggled to clear the $0.550 resistance against the US Dollar. XRP price is now moving lower and might...

Ethereum Price Remains Vulnerable, Will ETH Fall Back To $1K?

Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH is declining and there is a...

Stablecoin Could be Russia’s Preferred Medium of Exchange for Foreign Trade: Chainalysis

A new study shows that over 18% of all crypto received by Eastern Europe comes from addresses associated with...

Ripple CEO Anticipates Answer in SEC Lawsuit Over XRP in the First Half of 2023 – Regulation Bitcoin News

Ripple CEO Brad Garlinghouse says he thinks “we’ll have an answer in the first half of next year” in...

Load More
  • Trending
  • Comments
  • Latest

Trendsy Token Is Taking Over

Introducing A0K1VERSE- The New Metaverse From Steve Aoki –

The Sandbox Secures Strategic Partnership with Warner Music Group

Optimized Ethereum Mining Settings for Nvidia RTX 3060 Ti, RTX 3070, RTX 3080 and RTX 3090 GPUs

BTC To See Correction Below $10K, Predicts Founder Of Midas

Buy Stuff with Bitcoin | Which Online Stores Accept CryptoCurrency?

Bitcoin bulls ‘hold back’ as BTC’s monthly futures expiry approaches

Made in Umbria: IBM Food Trust helps certify food authenticity

BTC To See Correction Below $10K, Predicts Founder Of Midas

Can XRP Continue To Outperform Bitcoin?

Ethereum Price Remains Vulnerable, Will ETH Fall Back To $1K?

Stablecoin Could be Russia’s Preferred Medium of Exchange for Foreign Trade: Chainalysis

  • Coin Tracker
  • Bitcoin
  • Ethereum
  • Blockchain
  • NFT Trends
  • Fashion Trends
  • VR & Metaverse

© 2021 Crypto Litter - The #1 Source for Crypto Shit

No Result
View All Result
  • Coin Tracker
  • Bitcoin
  • Ethereum
  • Blockchain
  • NFT Trends
  • Fashion Trends
  • VR & Metaverse

© 2021 Crypto Litter - The #1 Source for Crypto Shit

  • RelevantRelevant(REL)$0.780.38%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%