Chamber of Digital Commerce
Chamber of Digital Commerce 2 minutes reading from Bitcoin

We Hope That Justice Will prevail in the SEC’s Unilateral Bitcoin ETF Application

The SEC continues to unjustifiably block spot BTC ETFs from coming to market. Today we filed an amicus brief w/ a coalition of blockchain advocacy organizations in the case @Grayscale v @SECgov to advocate for greater choice & protections for our industry

At issue is the @Grayscale spot Bitcoin ETF application which @SECGov has denied. The brief asserts that it should be listed because Grayscale has satisfied every regulatory requirement for listing on a national securities exchange.

The denial of Grayscale’s ETF application is another example of the @SECGov picking winners and losers and operating outside of its mandate - as a disclosure regulator.

In August, @digitalchamber published The CryptoConundrum, which outlines that the SEC’s pretext for blocking bitcoin ETF applications is based not on an unmet legal standard but as a means of effectuating a jurisdictional land grab.

The Crypto Conundrum - Chamber of Digital CommerceThe Crypto Conundrum - Chamber of Digital Commerce

Even more troubling, the SEC has approved bitcoin futures ETFs, which are less understood by investors and hold more risk. A spot bitcoin ETF would provide greater investor protections for retail investors.

The SEC has abandoned its investor protection mandate through its decade-long blockade of spot bitcoin ETFs. The time has come for US investors to have access to an ETF that directly holds bitcoin and we hope that justice will prevail.

🙌We’d like to thank all the coalition participants for their work in advocating for this important issue, and to @BlockchainAssn for leading the drafting of the amicus brief.

The coalition includes: @DigitalChamber @ProgressChamber @BlockchainAssn @coincenter

This post is based on this twitter thread.

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