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Grayscale Investments CEO Michael Sonnenshein on Wednesday said the SEC is treating the Bitcoin futures ETF and Bitcoin spot ETF disparately, while both drive prices from the same Bitcoin market. Moreover, he hopes that Grayscale Bitcoin Trust (GBTC) doesn’t get into the crosshair between the SEC and the CFTC.
Grayscale CEO: Resolving the Crypto Jurisdiction Conflict Between SEC and CFTC Is Crucial
During an interview with CNBC’s “Squawk Box” on October 12, Grayscale CEO Michael Sonnenshein asserts the U.S. Securities and Exchange Commission (SEC) has violated the Administrative Procedures Act (APA). The SEC is treating the Bitcoin futures ETF and Bitcoin spot ETF disparately.
He believes both Bitcoin futures ETF and Bitcoin spot ETF drive prices from the underlying Bitcoin market. The SEC’s decision to deny conversion of Grayscale Bitcoin Trust (GBTC) to spot Bitcoin ETF is discriminatory. Also, the GBTC would drive their prices from the Bitcoin market like Bitcoin futures ETFs.
Moreover, Grayscale CEO Michael Sonnenshein believes it is crucial to resolve the conflict between the SEC and CFTC regarding crypto jurisdiction. Both regulators held different views on cryptocurrencies. The dispute or issue could harm the GBTC.
“I hope that GBTC doesn’t get caught in the crosshairs between who has jurisdictional authority over crypto. You are seeing our entire industry asking our regulators to develop these frameworks.”
During the past few months, the crypto industry leaders seek bipartisan support on the crypto asset class. Multiple bills are being discussed in the U.S. Congress. The crypto industry, including Grayscale, is urging legislators to develop a bespoke regulatory framework for crypto.
Grayscale CEO Michael Sonnenshein stated that efforts are being put in for investor protection, global competitiveness, and innovation. He believes crypto is a fast-evolving asset class and constantly developing new use cases that make regulators’ work challenging. Thus, the industry participants are educating lawmakers about the new asset class and its use.
Cardano Founder Blames Legislators for Lack of Crypto Regulations
While clarifying his misunderstood comments over Ripple and XRP, Cardano’s founder Charles Hoskinson also blamed legislative bodies for being negligent in passing laws. He believes the lack of bespoke crypto laws led regulators to follow existing laws and over-regulate crypto firms like Ripple.
Meanwhile, Charles Hoskinson has cut ties with the XRP community due to continued trolls and harassment by the XRP army.
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