The agency hammers legit crypto enterprises like Grayscale, Ripple Robinhood, and Coinbase while fraudsters like FTX erupt unchecked.
Grayscale: CFTC works for me, not for thee
As Greyscale developed its Grayscale Bitcoin Trust to a spot exchange traded fund , it followed the SEC’s guidance and instructions. Yet the SEC rejected Grayscale’s application, denying the use of the Commodity Futures Trading Commission methodology it had earlier recommended earlier. The SEC subsequently noted that its decision is consistent with every other spot bitcoin ETF application it receives.
“That stark arbitrariness cannot be justified or reconciled with the Commission’s mandate to treat like cases alike. Rather, it can be only understood as a substantive judgment on the merits of a spot bitcoin investment — the kind of substantive judgment that is outside the Commission’s authority,” the brief reads.
The SEC’s arguments were so weak that Ripple’s attorneys rapidly turned the tables on the regulator in court and put the SEC itself on trial. By the end of arguments after two years of litigation, an unprecedented number of amicus briefs had poured in against the SEC’s legal theory, including from more than 75,000 XRP holders whom the agency was supposedly protecting.as a flimsy attempt at expanding its turf rather than concern over investor protection.
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