The Wall Street Journal editorial board обвинила the head of the U.S. Securities and Exchange Commission (SEC) Gary Gensler in a ‘misleading’ approach to the adoption of a spot биткоин-ETF.
The journalists argued that the agency’s head has taken investors hostage until the Commission asserts control over the cryptocurrency market.
The piece appeared after Grayscale and Bitwise’s registration applications were rejected a week earlier.
The regulator обосновал the decision by citing noncompliance with requirements to “prevent fraudulent and manipulative acts” as well as to protect investors and the public interest.
The outlet noted that Bitcoin’s market capitalization is $390 billion, and its market is the most mature of all cryptocurrencies. This would complicate the activity of bad actors.
The Commission’s requirement that “a substantial portion of trading take place on regulated markets” was deemed impracticable by the outlet. Trades occur on crypto exchanges, over which the agency lacks oversight.
On the question of proving market resilience to manipulation, the SEC has set a higher standard for approving spot ETPs linked to digital gold than for other commodities. The regulator did not explain how to satisfy it, the WSJ noted.
SEC’s delay fuels even greater perplexity in light of одобрения фьючерсных биткоин-ETF. Derivatives trade on the CME, but their prices are tied to the same major crypto exchanges that are referenced in the applications for spot ETFs.
The outlet concluded that Gensler is using the unregulated nature of markets as a pretext for blocking, counting on the registration of platforms with the SEC.
“Crypto markets may resemble the Wild West, but that is no reason to reject spot Bitcoin ETFs that the agency will regulate. Gensler’s ‘blockade’ is counterproductive if his aim is to protect investors,” the Wall Street Journal noted.
The journalists did not rule out that the situation could be changed by Congress or by a lawsuit, initiated by Grayscale Investments. The latter has a strong chance of ending in the asset manager’s favour.
Grayscale Investments filed an application to convert the digital-gold-backed trust into a spot Bitcoin ETF on 19 October 2021.
On 17 December, the SEC delayed a decision on its application. In February 2022, the Commission пошла повторно на этот шаг.
Spot Bitcoin ETFs have won regulatory approval in Canada, Канады, Бразилии, Australia and Нидерландов.
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