Crypto ETF issuer in the US grayscale and Securities Commission SEC A hearing took place today in the ongoing case. Grayscale has taken legal action against the SEC because the spot Bitcoin ETF fund is not allowed.
According to the news reflected in the crypto press, both sides presented their arguments to the jury team during the trial. Grayscale side application rejection “an arbitrary decision” The SEC had a hard time fending off the allegations. According to the press, the jurors who played an important role in the court’s decision found the counter-arguments presented by the SEC strange.
Why Doesn’t SEC Allow Spot Bitcoin?
Judge Sri Srinivasan and his deputies asked SEC Senior Adviser Emily Parise why the agency rejected her spot ETF application. Paris, spotlight bitcoin He defended the institution, stating that greater manipulations could occur if his ETF approves.
After the SEC official’s response, the assistant judge found this argument interesting and asked the following question:
“As far as I know, the currently traded futures ETF product should act in 99% correlation with BTC. Why is it not allowed when the Spot ETF product can act like this?”
Emily Parise answered this question with a correction. According to the SEC, the correlation rate does not imply causation. The main concern is spot markets, the official said. “broken” stressed that it was due to
Seeing that Grayscale was likely to win the case, investors turned to GBTC. Grayscale Bitcoin Trust funds trading at a negative premium rose 10% after the hearing.
Seeing that Grayscale was likely to win the case, investors turned to GBTC.
Grayscale Bitcoin Trust funds trading at a negative premium rose 10% after the hearing. https://t.co/bmxzmOGkTZ
— Bitcoin System (@bitcoinsystem) March 7, 2023
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