Despite a victory for the besieged crypto industry, there is no guarantee that regulators are ready to open the floodgates
. The story of the watchdog’s efforts to tame what it sees as a financial wild west still has some way to run.that the SEC was wrong to reject Grayscale’s application to convert its flagship Grayscale Bitcoin Trust, which the SEC approved in 2015, and which holds more than $15bn in bitcoin, into an ETF. The SEC has allowed bitcoin futures ETFs since October 2021 but contended that spot funds were prone to manipulation, since crypto tokens trade on largely unregulated markets.
Lawyers said Grayscale would have to file a new application for its ETF. But there is no guarantee that it will be approved, despite the court’s decision — the SEC could reject it on other grounds. Even though Grayscale had successfully challenged the SEC’s decision, there was no legal guarantee that it would jump to the front of the queue for review, said Teresa Goody Guillén, a partner at BakerHostetler.filed in June 15
The decision could give impetus to those who want to give more power over the sector to another regulator, the Commodity Futures Trading Commission, which oversees derivatives.
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