Blockchain Association Support Grayscale In Spot Bitcoin ETF SEC Fight
The Blockchain Association has submitted an amicus brief in Grayscale’s legal battle with the Securities and Exchange Commission over the SEC’s refusal to approve a spot-Bitcoin exchange-traded fund.
The Blockchain Association, a blockchain policy advocacy group, located in Washington, DC, filed an amicus brief in the Grayscale case. Outside parties with court approval can file amicus briefs to provide additional information or perspective, but they cannot introduce new facts.
Grayscale’s position that the SEC’s refusal of its application to convert its flagship fund into an ETF breaches SEC processes is supported by the Blockchain Association’s brief. It started the appeal procedure immediately after receiving the refusal.
Blockchain Association Head of Policy Jake Chervinsky said in a statement:
“After approving futures-based Bitcoin ETPs, the SEC has abandoned its investor protection mandate and abused its discretion by denying every application for a spot-based Bitcoin ETP, including Grayscale’s application.”
According to the Blockchain Association’s submission, refusing the proposals is inconsistent with the Commission’s treatment of comparable goods and cuts against SEC regulatory and policy imperatives by depriving customers of a product they argue is typically better suited to particular investor needs. According to the filing:
“The Commission’s use of a double standard to evaluate Bitcoin futures ETPs and spot ETPs is not only bad policy, but also in contravention of law. The Commission must treat like cases alike.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
News
Blockchain Association Support Grayscale In Spot Bitcoin ETF SEC Fight
The Blockchain Association has submitted an amicus brief in Grayscale’s legal battle with the Securities and Exchange Commission over the SEC’s refusal to approve a spot-Bitcoin exchange-traded fund.
The Blockchain Association, a blockchain policy advocacy group, located in Washington, DC, filed an amicus brief in the Grayscale case. Outside parties with court approval can file amicus briefs to provide additional information or perspective, but they cannot introduce new facts.
Grayscale’s position that the SEC’s refusal of its application to convert its flagship fund into an ETF breaches SEC processes is supported by the Blockchain Association’s brief. It started the appeal procedure immediately after receiving the refusal.
Blockchain Association Head of Policy Jake Chervinsky said in a statement:
“After approving futures-based Bitcoin ETPs, the SEC has abandoned its investor protection mandate and abused its discretion by denying every application for a spot-based Bitcoin ETP, including Grayscale’s application.”
According to the Blockchain Association’s submission, refusing the proposals is inconsistent with the Commission’s treatment of comparable goods and cuts against SEC regulatory and policy imperatives by depriving customers of a product they argue is typically better suited to particular investor needs. According to the filing:
“The Commission’s use of a double standard to evaluate Bitcoin futures ETPs and spot ETPs is not only bad policy, but also in contravention of law. The Commission must treat like cases alike.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Other Posts
Related Posts
News
Coinbase and Stripe Strengthen Strategic Collaboration to Expand USDC on Layer 2 Base
News
Biden Presidential Campaign Is Seeking Help From A Coinbase Member In The 2024 Race
News
ASI Token Merger Will Take Place with First Migration for FET Token on July 1
Press Releases
PlayDoge ($PLAY) Achieves $5 Million Milestone in ICO, a Tamagotchi-Style Meme Coin
News
Ethereum Gas Prices Reach Historic Low Under 3 Gwei Following Dencun Upgrade
Sponsored Articles
Cardano (ADA), Ripple (XRP), And ETFSwap (ETFS) Are The Altcoins To Hold When Spot Bitcoin ETFs Inflow Return
News
Bitcoin Whale Wallets With Over 1,000 BTC Are Almost At A New All Time High
News
Ripple’s XRP Sale Worth $78 Million Is Putting Great Pressure on Token Prices
News
LayerZero Token Airdrop Rules Announced, Early Transactions Will Be Eewarded 3x
Latest
Spot Solana ETF Approval Is Betting on the 2024 Election Outcome
SEC Consensys Lawsuit Continues to Be Pushed to a Climax, the Blockchain Company Responds
Press Release
Turn Your Crypto Wallet From Bronze To Gold With These 3000x Tokens Brett & Mpeppe (MPEPE)
