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NC_Tigah
LSU Fan
Carolinas
Member since Sep 2003
111140 posts
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SEC rejects Grayscale bitcoin ETF application. Grayscale sues SEC

quote:

Grayscale sues U.S. SEC for rejecting its bitcoin ETF application
By Akriti Sharma and John Mccrank
June 30, 2022


(Reuters) - Grayscale Investments said on Wednesday it had sued the U.S. Securities and Exchange Commission after the regulator rejected the digital asset manager's proposal to list a spot bitcoin exchange-traded fund (ETF).

The SEC had said Grayscale's proposal to list the ETF did not meet the standard designed to prevent fraudulent practices and protect investors. (https://bit.ly/3yw4Nko)

"If regulators are comfortable with ETFs that hold derivatives of a given asset, they should logically be comfortable with ETFs that hold that same asset," Grayscale said, referring to the SEC's approval of ETFs based on bitcoin futures.

Grayscale, one of the world's biggest digital asset managers, had proposed creating the ETF as a conversion of its Grayscale Bitcoin Trust GBTC.PK. It was seeking to get the ETF listed on NYSE Arca, which is owned by Intercontinental Exchange Inc (ICE.N).

In rejecting more than a dozen proposals for spot bitcoin ETFs over the past year, the SEC has focused on a lack of surveillance-sharing agreements with a regulated market of significant size relating to the underlying assets.

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TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
79700 posts
 Online 

SEC approves a bitcoin futures ETF and a bitcoin shorting ETF, but rejects a spot bitcoin ETF, which is possibly the safest of them all, in the name of investor safety.

Protect me harder government!


I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
36846 posts

quote:

SEC approves a bitcoin futures ETF and a bitcoin shorting ETF, but rejects a spot bitcoin ETF, which is possibly the safest of them all, in the name of investor safety.

Protect me harder government!



Honestly, seeing how the government treats Bitcoin makes me think they really do view it as a threat.

Bullish.


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Big4SALTbro
Member since Jun 2019
9648 posts

SEC will smash them with their 100M piggy bank from EY


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