WSJ editorial slams 'baffling' denials by SEC's Bitcoin ETF
The Editorial Board has drawn attention to a two-pronged approach employed by the SEC's Gensler, which makes approval virtually impossible. of a one-time Bitcoin product.
New
The Wall Street Journal's editorial board has spoken out against Gary Gensler's "legendary" resistance to approval of a spot Bitcoin exchange-traded fund (ETF).
The hard-hitting opinion piece, published Wednesday, July 6, called out the Gensler-led Securities and Exchange Commission (SEC) for apparent inconsistencies in how the commission handles applications for exchange-traded products (ETPs). ) tied to Bitcoin versus more traditional assets and other commodities.
So far, Gensler's SEC has rejected all Bitcoin spot ETP proposals, including two last week from Grayscale and Bitwise, leading Grayscale to launch a lawsuit against the SEC.
These consistent rejections led SEC Commissioner Hester Peirce to say that Gensler's resistance to spotting crypto ETPs was "becoming legendary" as the commission has already approved multiple ETPs for contracts at Bitcoin term, which have much higher costs and carry much greater risk for investors. than the spot ETPs offered.
Peirce also questioned why ETPs weren't approved in the US when the products were elsewhere.
"When, if at all, does the growing maturity of Bitcoin spot markets and the success of similar products elsewhere tip the scales in favor of approval?"
The Editorial Board also drew attention to a two-pronged approach employed by Gensler that makes it virtually impossible to endorse a one-time Bitcoin product.
This includes requiring ETP sponsors to demonstrate that a significant amount of Bitcoin trading takes place on a regulated market, or that the underlying market must "have a unique resistance to manipulation beyond protections…of traditional markets”.
According to the WSJ, Gensler is "fully aware" that the first criterion simply cannot be met because nearly all bitcoin exchanges...
The Editorial Board has drawn attention to a two-pronged approach employed by the SEC's Gensler, which makes approval virtually impossible. of a one-time Bitcoin product.
New
The Wall Street Journal's editorial board has spoken out against Gary Gensler's "legendary" resistance to approval of a spot Bitcoin exchange-traded fund (ETF).
The hard-hitting opinion piece, published Wednesday, July 6, called out the Gensler-led Securities and Exchange Commission (SEC) for apparent inconsistencies in how the commission handles applications for exchange-traded products (ETPs). ) tied to Bitcoin versus more traditional assets and other commodities.
So far, Gensler's SEC has rejected all Bitcoin spot ETP proposals, including two last week from Grayscale and Bitwise, leading Grayscale to launch a lawsuit against the SEC.
These consistent rejections led SEC Commissioner Hester Peirce to say that Gensler's resistance to spotting crypto ETPs was "becoming legendary" as the commission has already approved multiple ETPs for contracts at Bitcoin term, which have much higher costs and carry much greater risk for investors. than the spot ETPs offered.
Peirce also questioned why ETPs weren't approved in the US when the products were elsewhere.
"When, if at all, does the growing maturity of Bitcoin spot markets and the success of similar products elsewhere tip the scales in favor of approval?"
The Editorial Board also drew attention to a two-pronged approach employed by Gensler that makes it virtually impossible to endorse a one-time Bitcoin product.
This includes requiring ETP sponsors to demonstrate that a significant amount of Bitcoin trading takes place on a regulated market, or that the underlying market must "have a unique resistance to manipulation beyond protections…of traditional markets”.
According to the WSJ, Gensler is "fully aware" that the first criterion simply cannot be met because nearly all bitcoin exchanges...
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