Grayscale was unreasonably denied its Bitcoin ETF, court rules
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Re: Grayscale was unreasonably denied its Bitcoin ETF, court rules
#2I'm about as "anti crypto" as they come, and I find the whole need/purpose for a Bitcoin spot ETF to be completely baffling (and I suspect most actual crypto enthusiasts would agree), but this seems like the right decision to me.
I specifically agreed with this comment: "The SEC has been getting blasted for its regulation-by-enforcement approach to crypto." I understand the SEC's hostility to crypto, but what I don't understand is why they can't just provide clearer rules, up front, about what is OK and what is not, instead seeming to explicitly not provide clear guidance and then saying to companies after the fact "no no, that's too far" (in some cases - other cases were clearly fraudulent BS from the get go).
I'm not a lawyer, and haven't been following the ins and outs of all of the crypto-SEC battles super closely, but I'd be curious if someone with more knowledge in the domain could comment on why the SEC hasn't been more proactive in defining rules.
Re: Grayscale was unreasonably denied its Bitcoin ETF, court rules
#3I'm about as "anti crypto" as they come, and I find the whole need/purpose for a Bitcoin spot ETF to be completely baffling (and I suspect most actual crypto enthusiasts would agree), but this seems like the right decision to me. I specifically agreed with this comment: "The SEC has been getting blasted for its regulation-by-enforcement approach to crypto." I understand the SEC's hostility to crypto, but what I don't…
My guess would be they don't have anyone in-house who understands it all well enough to write clear guidance.
Re: Grayscale was unreasonably denied its Bitcoin ETF, court rules
#4I'm about as "anti crypto" as they come, and I find the whole need/purpose for a Bitcoin spot ETF to be completely baffling (and I suspect most actual crypto enthusiasts would agree), but this seems like the right decision to me. I specifically agreed with this comment: "The SEC has been getting blasted for its regulation-by-enforcement approach to crypto." I understand the SEC's hostility to crypto, but what I don't…
Re: existence of an ETF, it’s the only way to “hold” BTC (or ETH) in an account with tax advantages (such as TFSA or RRSP in Canada, equivalent to Roth IRA and 401K in the US respectively).
Re: Grayscale was unreasonably denied its Bitcoin ETF, court rules
#5I'm about as "anti crypto" as they come, and I find the whole need/purpose for a Bitcoin spot ETF to be completely baffling (and I suspect most actual crypto enthusiasts would agree), but this seems like the right decision to me. I specifically agreed with this comment: "The SEC has been getting blasted for its regulation-by-enforcement approach to crypto." I understand the SEC's hostility to crypto, but what I don't…
SEC keeps insisting that “the law is clear” and they’re just enforcing the law. That their job isn’t to explain the law to people, or how exactly to behave to not break the law. Their approach is “if we think you’re breaking the law we will take action, and things will get hashed out in the courts.”
It makes sense that the SEC probably does not have the resources to explain to anyone engaging in any securities activity exactly how to behave, but crypto is untrodden ground and they could have provided more guidance there.
Re: Grayscale was unreasonably denied its Bitcoin ETF, court rules
#6I'm about as "anti crypto" as they come, and I find the whole need/purpose for a Bitcoin spot ETF to be completely baffling (and I suspect most actual crypto enthusiasts would agree), but this seems like the right decision to me. I specifically agreed with this comment: "The SEC has been getting blasted for its regulation-by-enforcement approach to crypto." I understand the SEC's hostility to crypto, but what I don't…
a other reason to hold spot ETF, it is another way to hold crypto custodially and might give you a way to bet on Bitcoin without fear of a wrench attack
Re: Grayscale was unreasonably denied its Bitcoin ETF, court rules
#7I'm about as "anti crypto" as they come, and I find the whole need/purpose for a Bitcoin spot ETF to be completely baffling (and I suspect most actual crypto enthusiasts would agree), but this seems like the right decision to me. I specifically agreed with this comment: "The SEC has been getting blasted for its regulation-by-enforcement approach to crypto." I understand the SEC's hostility to crypto, but what I don't…
This is how a fintech Chief Compliance Officer explained it to me:
The industry that the SEC regulates is full of clever people who have a financial incentive to push rules as far as possible.
The concern is that if they provided a clear line between what is allowed and disallowed, that everyone will go right up to the line and then find creative ways to exploit how it’s defined.
The SEC prefers to keep the line fuzzy so that actors keep their behavior well on the “allowed” side.
Re: Grayscale was unreasonably denied its Bitcoin ETF, court rules
#8I'm about as "anti crypto" as they come, and I find the whole need/purpose for a Bitcoin spot ETF to be completely baffling (and I suspect most actual crypto enthusiasts would agree), but this seems like the right decision to me. I specifically agreed with this comment: "The SEC has been getting blasted for its regulation-by-enforcement approach to crypto." I understand the SEC's hostility to crypto, but what I don't…
SEC keeps insisting that “the law is clear” and they’re just enforcing the law. That their job isn’t to explain the law to people, or how exactly to behave to not break the law. Their approach is “if we think you’re breaking the law we will take action, and things will get hashed out in the courts.” It makes sense that the SEC probably does not have the resources to explain to anyone engaging in any securities activi…
The SEC's position seems eminently reasonable to me. It's not the government's job to give free legal consultation for how to skirt the law. I could call up my local district attorney and ask him to explain the nuanced minutiae of the law as he understands it so that I can skirt around that in some clever way, but I expect he would refuse to answer my questions and rightfully so. If I want that kind of advice, I have to hire my own lawyer.
Cryptobros can't seriously expect anything different, so these complaints are just political theater to prod lawmakers into acting (e.g. explicitly legalizing their schemes.)
Re: Grayscale was unreasonably denied its Bitcoin ETF, court rules
#9I'm about as "anti crypto" as they come, and I find the whole need/purpose for a Bitcoin spot ETF to be completely baffling (and I suspect most actual crypto enthusiasts would agree), but this seems like the right decision to me. I specifically agreed with this comment: "The SEC has been getting blasted for its regulation-by-enforcement approach to crypto." I understand the SEC's hostility to crypto, but what I don't…
My guess would be they don't have anyone in-house who understands it all well enough to write clear guidance.
The SEC chief is Gary Gensler who used to teach a Cryptocurrency course at Harvard...
Re: Grayscale was unreasonably denied its Bitcoin ETF, court rules
#10I'm about as "anti crypto" as they come, and I find the whole need/purpose for a Bitcoin spot ETF to be completely baffling (and I suspect most actual crypto enthusiasts would agree), but this seems like the right decision to me. I specifically agreed with this comment: "The SEC has been getting blasted for its regulation-by-enforcement approach to crypto." I understand the SEC's hostility to crypto, but what I don't…
a other reason to hold spot ETF, it is another way to hold crypto custodially and might give you a way to bet on Bitcoin without fear of a wrench attack
Wouldn't the wrench attack in this instance just make you type your password to your broker, sell the ETF, and then transfer the money to some third party bank account?