The Spot Bitcoin ETF frenzy has concluded with a bang after the U.S. Securities and Exchange Commission (SEC) provided the green light to 11 issuers. While several applications were in line, Grayscale Investments, the world’s leading crypto asset manager stole the spotlight. Coinbase CEO Brian Armstrong and CLO Paul Grewal recently credited Grayscale for the historic win in the ETF saga.
Also Read: Bitwise Joins VanEck In Donating 10% ETF Profits to Bitcoin Development
Coinbase CEO & CLO Laud Grayscale’s Arduous ETF Journey
In a recent tweet, Armstrong quoted Grewal’s post and seconded his opinion that Grayscale was indeed to be credited with the Spot Bitcoin ETF approval. The CEO noted that the organization pushed through a lot of hurdles considering the victory it attained against the SEC in court. Armstrong wrote, “Grayscale deserves a huge amount of credit for today, pushing this through the courts.”
On the other hand, Grewal lauded Grayscale’s effort for “pushing back against the SEC’s arbitrary and capricious behavior.” In addition, he commended the D.C. Circuit Court of Appeal for “affirming that the rule of law must prevail over politics.”
Thereafter, Michael Sonnenshein, the CEO of Grayscale, responded to Armstrong and Grewal by acknowledging their comments. He added that Armstrong and the entire Coinbase team continue to be “fantastic partners” for them.
SEC Commissioner Rebukes Agency’s Approach To Bitcoin ETFs
While Grayscale got all the praise, the SEC received criticism internally. SEC Commissioner Hester M. Peirce pointed out five critical errors made by the agency regarding Bitcoin ETFs. In a recent statement, she acknowledged that a decade of opportunities were “squandered” by the agency. Moreover, she highlighted the SEC’s arbitrary treatment of Bitcoin ETFs and crypto has tarnished their reputation.
Furthermore, Peirce expressed concern about the misallocation of staff resources. She noted that “millions of dollars” were wasted in a bid to reject Bitcoin ETF proposals. In addition, she criticized the SEC for overstepping its role and asserted that Congress did not authorize the agency to dictate individual investment choices.
Whilst, the fourth point addressed the SEC’s deviation from standard procedures, creating an “artificial frenzy” around Spot Bitcoin ETFs. Lastly, Peirce underscored the alienation of innovative minds in the industry due to regulatory prejudice.
Also Read: Spot Bitcoin ETF Approved: Here’s Why Grayscale is the Winner
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