Hot StoriesSEC rejects GRAY SCALE'S bid for a Bitcoin spot ETF

SEC rejects GRAY SCALE’S bid for a Bitcoin spot ETF

SEC rejects Grayscale application for a Bitcoin spot ETF yesterday citing concerns over market manipulation. But ultimately is the approval of such an ETF what the market needs to provide some relief?

A Bitcoin spot ETF that’s driven by spot versus futures would definitely be very positive for the market. Overall you saw obviously with grayscale and I think they’re actively trying to refute the projection at the moment.

Greyscale CEO Michaelson Shine says really looking at the fact that the SEC is acting arbitrary and capricious by continuing to approve bitcoin future-based ETFs. While continuing to deny spot Bitcoin spot ETF.

When you look at the way regulators have to govern. They have to be treated like issues alike, and in this case, they are not.

They are discriminating against issuers like Grayscale. Who is trying to bring a product further into the US regulatory perimeter right now. Well, we will not stop we are going to put the full resources of Grayscale firm behind this lawsuit.

That’s what investors want. GBTC was born in the US in 2013. We have worked to make into the latest fund so the fact that US regulatory is shining. The opportunity to bring this further into the regulatory perimeter.

I do think would provide a wave of continued confidence and conviction. While I do want to note that there is obviously you know still manipulation went on in some of the price activity in the market globally itself.

Assets like bitcoin are very much so sufficiently decentralized at their core overall we’re. We see bitcoin is down about 56% and Ethereum is down Almost 70%. But I believe that the crypto market is not going anywhere. It will bounce back as compared to the previous market crashes now there is more adoption in the market and Bitcoin gain the trust of millions.

What’s important to understand is that if you look at what’s happening now it’s very very different than back in 2017-2018. Crypto crash which I think was a lot more akin to the dot-com bubble. What we’re seeing now is the impacts of monetary policy-driven contraction as well as some of the broader complexities that have basically pent up in the market itself.

You know back then you had countless projects raising hundreds of millions of dollars with nothing but a white paper or sleek roadmap. 

Today you’ve seen much stronger dramatic validation in adoption across thousands of use cases from enterprise applications that are being developed at fortune 100s. Like JPMorgan, it’s acquired directly by sovereign states you know think turkey El Salvador, etc.

I think there were a lot of crypto businesses that raised a lot of money. In terms of looking to build out products and have really probably overhired and overspent on sales and marketing drastically. Without necessarily building the core long-term research development engineering or differentiated product offerings that would sustain their actual use case into the future.

So I do think we’ll see a washout from some of the core crypto businesses that are far from finding product-market fit and have yet to really execute on some of the key aspects of their broader timeline and milestones on the flip side.

Read: The US economy is much worse than you thought.

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