Blockchain Association backed Grayscale in case against SEC
Blockchain Association, a nonprofit organization, has filed a brief with the court regarding Grayscale Investments’ lawsuit against the U.S. Securities and Exchange Commission (SEC).
We’re proud to take this momentous step supporting the crypto industry to provide American consumers greater access to these innovative products. pic.twitter.com/YTMxm432oG
— Blockchain Association (@BlockchainAssn) October 18, 2022
«Мы гордимся тем, что сделали этот важный шаг в поддержку криптоиндустрии, чтобы предоставить американским потребителям более широкий доступ к этим инновационным продуктам», — говорится в заявлении.
Выступая в роли amici curiae , Blockchain Association назвала нарушением отказ Комиссии преобразовать траст GBTC в биткоин-ETF. До сих пор регулятор не одобрил ни одну из схожих заявок, однако разрешил запустить биржевые фонды на базе фьючерсов на первую криптовалюту от VanEck, Valkyrie Investments и ProShares.
3/ Americans are eager to own various products that offer exposure to Bitcoin, without needing to purchase Bitcoin directly. By denying this ETP, the SEC has forfeited their own ability to safely regulate and provide the necessary protections for all investors.
– Blockchain Association (@BlockchainAssn) October 18, 2022
“[…] the agency arbitrarily chose to reject Grayscale’s spot ETPs despite significant demand for these products,” the organization stressed.
By rejecting Grayscale Investments’ application, the Commission “lost its own ability https://gagarin.news/news/more-nf-ts-from-dubai-police-are-up-for-grabs/ to safely regulate and provide the necessary protections for all investors,” the filers added.
In their view, the SEC uses double standards to evaluate exchange-traded products.
“[This] is not only bad policy, but also a violation of the law. The Commission should treat cases like this the same way,” the Blockchain Association noted.
The application was also supported by the Coin Center, a crypto industry promotion and advocacy organization, the Chamber of Digital Commerce and a trade group representing technology companies.
On Oct. 19, 2021, Grayscale filed an application to convert the GBTC bitcoin trust into an exchange-traded fund based on the cryptocurrency’s spot price.
On Dec. 17, the SEC deferred a decision on the application, and in February 2022, went ahead and took the step again. On June 30, the company sued the regulator after the final rejection of its filings.
Recall that in October, Grayscale Investments filed an opening statement in the case, where it called the Commission’s position inconsistent and unfair.
Earlier, the Wall Street Journal editorial accused agency head Gary Gensler of a “confusing” approach regarding the adoption of a spot bitcoin ETF.
Billionaire Mark Cuban, U.S. House of Representatives member Tom Emmer and Messari founder Ryan Selkis also condemned the regulator. According to the latter, the rejection of Grayscale’s application is a fraud.
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