Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The CEO of Grayscale argues that the option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. is on the table, and defends that the company has done everything possible to convert GBTC, its flagship product, in a ETF an Exchange-traded Fund, an investment fund that users trade on exchanges and trading platforms. Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. which is already backed by more than 800,000 investors.
The cryptocurrency-based investment fund management company, Grayscale, announced that it intends to take legal action against the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) If it maintains its position of rejecting the launch of an ETF based entirely on Bitcoin.
Grayscale will sue the SEC if they do not accept your ETF Bitcoin
Así lo anunció durante una entrevista para Bloomberg the CEO of Grayscale, Michael Sonnenshein, who maintains that the SEC would be acting unlawfully by continuing to refuse approval of the first exchange-traded fund (ETF) fully based on Bitcoin, This clearly affects the local market an area or arena, online or offline, in which commercial dealings are conducted. and has generated tensions among the entities interested in launching this type of product.
Sonnenshein destacó que “all options are on the table” when asked if Grayscale considers filing a lawsuit against the Administrative Procedure Act, in the event that its request to convert the Grayscale Bitcoin Trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. (GBTC) of the company in a ETF associated directly in the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency, and added:
“The Grayscale team has been putting all of the firm’s resources into converting GBTC, our flagship fund, into an ETF… It’s really important for investors to know that we have championed them and will continue to champion them.” .
On the rise of the Grayscale Bitcoin Trust and the desire for this to become a ETF, Sonnesnshein destacó:
“GBTC today is owned by investors in all 50 states, and there are actually now over 800,000 accounts in the U.S., all patiently waiting for it to become an ETF.”
With these statements the CEO of Grayscale confirms what had already been aired since mid-December 2021, since the vice president of the legal department for the company , Craig Salm, commented at the time that the perspective with which the SEC has acted on applications for a ETF Bitcoin could be considered as “arbitrary and capricious … in violation of administrative law”. The possibility of filing a lawsuit in this regard was among the possibilities.
Rechazo hacia un ETF Bitcoin
The criticisms of the Grayscale make reference to the fact that the regulatory body has continually rejected applications for a ETF Bitcoin since the first of its kind was presented, a line on which it still stands despite the fact that in October last year officially accepted the first such products based on futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. of the digital currency.
With regard to the grounds for rejection, the SEC argues that “there are not enough guarantees” in any of the applications submitted to date that the price of Bitcoin is not subject to possible market manipulation, as well as the fact that it is not entirely clear how the entities concerned will keep customers safe in cases of strong volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. in the price of the digital currency.
The proposals of entities such asWisdomTree, VanEck, Skybridge Capital, NYDIG, Global X, Fidelity and many others have been rejected to date for the reasons mentioned above, and this augurs ill for the possible poor results for Galaxy Digital, Ark Invest investing is when you put money in a financial scheme with the intent of making a gain. and even for the same Grayscale.
Faced with the refusal of the SEC, the CEO of VanEck, Jan Van Eck, said that the Commission is purposely withholding the possibility of accepting a ETF based entirely on Bitcoin in the expectation of having greater control over this financial market.
- U.S.: SEC adds NYDIG and Global X Bitcoin ETF applications to its rejection list
- VanEck CEO: “SEC is holding a Bitcoin ETF hostage while it hopes to have jurisdiction over crypto markets”
- Grayscale criticizes SEC for not treating Bitcoin ETFs the same as BTC futures-based ETFs
Version by Angel Di Matteo / DiarioBitcoin
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