On October 12, Grayscale CEO Michael Sonnenshein said the U.S. Securities and Exchange Commission (SEC) had broken the Administrative Procedures Act during an appearance with CNBC's "Squawk Box" (APA). The Bitcoin spot ETF and Bitcoin futures ETF are being treated differently by the SEC.
Additionally, he hopes that Grayscale Bitcoin Trust (GBTC) avoids being targeted by the CFTC and SEC.
Grayscale CEO: It's critical to resolve the dispute over crypto jurisdiction between the SEC and CFTC.
On October 12, Grayscale CEO Michael Sonnenshein said the U.S. Securities and Exchange Commission (SEC) had broken the Administrative Procedures Act during an appearance with CNBC's "Squawk Box" (APA). The Bitcoin spot ETF and Bitcoin futures ETF are being treated differently by the SEC.
He thinks that the underlying Bitcoin market drives the pricing of both Bitcoin futures ETFs and Bitcoin spot ETFs. The SEC's discriminatory decision to prevent Grayscale Bitcoin Trust (GBTC) from becoming a spot Bitcoin ETF. Additionally, like Bitcoin futures ETFs, the GBTC would get its price from the Bitcoin market.
Additionally, according to Grayscale CEO Michael Sonnenshein, it is critical to address the dispute between the SEC and CFTC over jurisdiction over cryptocurrency. The opinions of the two regulators on cryptocurrency varied. The controversy or problem can hurt the GBTC.
The leaders of the cryptocurrency industry have recently sought bipartisan support for the cryptocurrency asset class. In the United States Congress, numerous bills are being discussed. Grayscale and other members of the crypto business are pleading with lawmakers to create a special regulatory framework for crypto.
According to Grayscale CEO Michael Sonnenshein, efforts are being made to protect investors and promote innovation and global competitiveness. He thinks that the rapidly emerging use cases for cryptocurrencies make the job of regulators difficult. As a result, the industry's players are educating lawmakers about the new asset class and its application.
Founder of Cardano Slams Lawmakers for Lack of Crypto Regulations
Charles Hoskinson, the founder of Cardano, chastised legislative organisations for being inattentive in passing regulations while also clarifying his misconstrued remarks regarding Ripple and XRP. He thinks that because there aren't any specific crypto regulations, regulators are forced to overregulate companies like Ripple and obey the law as it is.
Charles Hoskinson has severed relations with the XRP community as a result of persistent trolling and intimidation by the XRP army.
