The U.S. Securities and Exchange Commission (SEC) has given approval to 11 issuers in the Spot Bitcoin ETF frenzy, with Grayscale Investments, the world’s leading crypto asset manager, taking center stage. Grayscale’s achievement was recognized by Coinbase CEO Brian Armstrong and CLO Paul Grewal, who credited the firm for its significant victory in the ETF saga.
Armstrong, in a recent tweet, echoed Grewal’s sentiment that Grayscale deserved credit for the Spot Bitcoin ETF approval. He noted that the organization had overcome numerous obstacles to secure its win against the SEC in court. Grewal, on his part, praised Grayscale’s efforts in challenging the SEC’s arbitrary and capricious behavior. He also commended the D.C. Circuit Court of Appeal for affirming that the rule of law must prevail over politics.
Michael Sonnenshein, the CEO of Grayscale, responded to Armstrong and Grewal’s comments, acknowledging their praise and stating that Armstrong and the entire Coinbase team have been fantastic partners for them.
While Grayscale received accolades, the SEC faced internal criticism. SEC Commissioner Hester M. Peirce identified five critical errors made by the agency regarding Bitcoin ETFs. She acknowledged that the agency had squandered a decade of opportunities and that its arbitrary treatment of Bitcoin ETFs and crypto had damaged its reputation.
Peirce also expressed concern about the misallocation of staff resources, noting that millions of dollars were wasted in attempts to reject Bitcoin ETF proposals. She criticized the SEC for overstepping its role, asserting that Congress did not authorize the agency to dictate individual investment choices. Furthermore, she addressed the SEC’s deviation from standard procedures, which created an artificial frenzy around Spot Bitcoin ETFs. Finally, Peirce highlighted the alienation of innovative minds in the industry due to regulatory prejudice.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Paul Grewal, Michael Sonnenshein, Brian Armstrong, Hester M. Peirce |
| Companies | Grayscale Investments, U.S. Securities and Exchange Commission, VanEck, Bitwise, Coinbase |
| Currencies | Bitcoin |
| Securities | None |
