The approach to crypto regulatory enforcement by the United States Securities and Exchange Commission (SEC) has stalled the advancement of Bitcoin (BTC) in the country, according to the CEO of Grayscale Investments.
У писмо published in The Wall Street Journal on Jan. 23, the chief of the cryptocurrency asset management firm, Michael Sonnenshein, said he agreed with an assertion that the SEC was “late to the game” regarding crypto regulation and preventing the bankruptcy of FTX, додајући:
“‘Late’ doesn’t capture what transpired here. The problem is the Securities and Exchange Commission’s one-dimensional approach of regulation by enforcement.”
Grayscale is currently suiting the SEC for denying the conversion of its Bitcoin trust to a spot-based фонд којим се тргује на берзи (ЕТФ).
He clarified the SEC “should certainly try to eliminate bad actors” but it shouldn’t hinder “efforts to develop appropriate regulation.”
Doing our part to re-instill trust and confidence in #битцоин #црипто cc @Граисцале @ЦраигСалм @jenn_rosenthal $ ГБТЦ pic.twitter.com/u72RHmGTmJ
— Сонненсхеин (@Сонненсхеин) Januar 23, 2023
The inaction by the regulator to stop such bad actors from entering the crypto industry “prevented Bitcoin’s advancement into the U.S. regulatory perimeter,” Sonnenshein wrote.
This has forced American investors to use offshore crypto businesses “with less protection and oversight,” he said.
„Видимо да се последице приоритета СЕЦ-а одигравају у реалном времену — на рачун америчких инвеститора.
Cointelegraph has reached out to the Securities and Exchange Commission for comment.
Sonnenshein’s opinion piece comes as Grayscale is suing the SEC for having “arbitrarily denied” Grayscale’s plans to convert its Grayscale Bitcoin Trust (GBTC) to a spot ETF.
SEC argued that Grayscale’s proposal did not sufficiently protect against fraud and manipulation. Grayscale countered by saying that the SEC was arbitrarily treating spot-traded products differently from futures-traded products.
Grayscale is owned by the crypto conglomerate Digital Currency Group (DCG), which is currently undergoing финансијске тешкоће.
DCG also owns the bankrupt Genesis Trading, which was наплаћује ДИК on Jan. 12 for allegedly selling unregistered securities.
Релатед: СЕЦ је процурио личне податке крипто рудара током истраге: Извештај
Over the weekend, John Reed Stark, a crypto skeptic and former SEC chief, lambasted the term “regulation by enforcement,” labeling it a “Bogus Big Crypto Catch Phrase.”
In a Jan. 22 post on Linkedin, he said the term was a “misguided, deflective effort designed to tap into sympathetic libertarian and anti-regulatory mores,” and called it “utter nonsense.”
He argued that “litigation and SEC enforcement are actually how securities regulation works.”
Source: https://cointelegraph.com/news/sec-s-one-dimensional-approach-is-slowing-bitcoin-progress-grayscale-ceo