Earlier this weekThe US Securities and Exchange Commission has rejected two applications for bitcoin spot exchange-traded funds (ETFs). One firm, Grayscale Investments, responded: sue the agency. But not everyone is sure that it will work.
“The U.S. Securities and Exchange Company rejecting Bitwise and Grayscale GBTC spot bitcoin ETF bids is not at all surprising because it is following the same precedent that other asset managers have experienced,” said Lea Wald, CEO of Valkyrie Investments. Thread on Twitter. “Filing a lawsuit with the SEC is unlikely to succeed.”
Nashville-based digital asset investment firm Wald 1 billion dollars in assets under management. Valkyrie is also home to one of the SEC-approved Bitcoin futures ETFs, the Valkyrie Bitcoin Strategy ETF (BTF), which was approved last year.
Earlier, SEC Chairman Gary Gensler said that crypto exchanges must register with a regulator, just like traditional securities exchanges. While the agency has approved several long-term and short-term bitcoin futures ETFs, it has rejected all spot bitcoin ETFs that have applied to date.
The Securities and Exchange Commission imposed huge costs on investors “without legal basis,” said Sen. Pat Toomey, a Republican from Pennsylvania. tweeted on Friday.
Credit: techcrunch.com /