The Spot Bitcoin ETF recently took the spotlight after the United States Securities and Exchange Commission (SEC) gave approval to 11 issuers. Among the many applications submitted, Grayscale Investments, a leading crypto asset manager, managed to steal the spotlight.
Coinbase CEO Brian Armstrong and CLO Paul Grewal recently credited Grayscale for a historic win on the road to a Bitcoin ETF.
Confessions of Coinbase CEO and CLO
In his latest tweet, Armstrong quoted Grewal's post and agreed with the opinion that Grayscale deserves credit for approving the Bitcoin Spot ETF.
Armstrong highlighted how difficult Grayscale's journey has been in the face of many obstacles, especially fighting the SEC in court.
In his words, "Grayscale deserves enormous credit for today's accomplishments, fighting all of it in court."
Praise for the Grayscale Struggle
Grewal also praised Grayscale's efforts in fighting the SEC's "arbitrary and reckless behavior." In addition, he appreciated the DC Circuit Court of Appeal for affirming that the rule of law must trump politics.
Response from Grayscale CEO
Michael Sonnenshein, CEO of Grayscale, responded by acknowledging Armstrong and Grewal's comments. He also added that the Coinbase team, led by Armstrong, continues to be a "fantastic partner" for Grayscale.
Criticism of the SEC's Approach
Although Grayscale received praise, the SEC received criticism from within. SEC Commissioner Hester M. Peirce highlighted five critical mistakes the agency made in its handling of Bitcoin ETFs.
In his statement, Peirce acknowledged that a decade of opportunities had been "wasted" by the agency. He also criticized the SEC's arbitrary treatment of Bitcoin and crypto ETFs which has damaged his reputation.
Concerns about Resource Allocation
Peirce also raised concerns about inappropriate use of staff resources. He noted that “millions of dollars” were wasted opposing Bitcoin ETF proposals.
Additionally, he highlighted the SEC going beyond its role and asserted that Congress did not give the agency the authority to regulate individual investment choices.
Deviation from Standard Procedures and Alienation
The fourth point raises the SEC's deviation from standard procedures that created an “artificial frenzy” around Bitcoin Spot ETFs. Lastly, Peirce emphasized that biased and excessive regulation has alienated innovative minds in the industry.
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DISCLAIMER : This article is informational in nature and is not advice, recommendation, offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time. Bittime is not responsible for changes in exchange rates or crypto asset prices.
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