Grayscale says the SEC could potentially violate the Administrative Procedure Act by rejecting a spot bitcoin ETF. crypto cryptocurrency bitcoinetf
Grayscale Investments’ CEO explains that the U.S. Securities and Exchange Commission could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund .The U.S. Securities and Exchange Commission has now approved not one but two different structures of bitcoin futures exchange-traded funds . This has led to the optimism in the crypto industry that the securities watchdog is closer to approving a spot bitcoin ETF.
Grayscale Investments CEO Michael Sonnenshein explained to CNBC last week: “From the SEC standpoint, there were several protections that 40 Act products have that 33 [Securities Act of 1933] products don’t have, but never ever did those protections address the SEC’s concern over the underlying bitcoin market and the potential for fraud or manipulation.”
If the SEC can’t look at two like issues, the futures ETF and the spot ETF, through the same lens, then it is, in fact, potentially grounds for an Administrative Procedure Act violation.