In a scathing response to SECGov, digital asset manager Grayscale called the regulator's refusal to approve a spot bitcoin ETF “fundamentally unreasonable.” By iamsandali
has approved multiple applications
to set up futures-based bitcoin ETFs, which are trade agreements to be executed at a future date and price, the regulator has said spot bitcoin ETFs are vulnerable to “fraudulent and manipulative conduct." Grayscale countered that argument Friday. It said that"a successful manipulation of prices in the spot bitcoin market would necessarily affect the price of bitcoin futures as well – and, therefore, the value of bitcoin futures ETPs’ holdings." Grayscale called the SEC's reasoning"illogical."
Grayscale also accused the SEC of exceeding its statutory authority, saying the agency"is not permitted to decide for investors whether certain investments have merit." Final briefs on the case are due Feb. 3, after which three judges will be selected and the court will share a schedule for the lawsuit’s oral arguments, Grayscale Chief Legal Officer Craig Salm said in a separateGrayscale's parent company, Digital Currency Group , and its founder and CEO, Barry Silbert, have come underDCG is also the parent company of CoinDesk.
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