Messari founder Ryan Selkis criticized SEC for refusing to convert a Grayscale Investments bitcoin trust into an exchange-traded fund (ETF).
According to him, last year the attackers deprived users of $1 billion. Selkis noted that the Commission’s refusal to convert GBTC to spot bitcoin-ETF is a fraud that resulted in much more damage – $ 7 billion.
$1bn was lost to crypto fraud last year.
$7bn has been lost to the SEC’s fraud in failing to approve a spot ETF at the expense of Grayscale investors.@GaryGensler doesnt care about protecting investors, promoting capital formation, or making markets fair. He cares about power.
— Ryan Selkis 🥷 (@twobitidiot) August 30, 2022
“[Председатель SEC] Gary Gensler doesn’t care about protecting investors, facilitating capital accumulation, or ensuring fairness in the markets. He cares about power,” wrote the founder of Messari.
Grayscale Investments filed documents for the conversion of a digital gold-based trust into a spot bitcoin ETF in October 2021.
Dec 17 SEC postponed making a decision on the application, and in February 2022 took this step again. June 30 company sued the regulator after the final rejection of her application.
Earlier, Grayscale indicated that the SEC was willing to approve futures-based bitcoin ETF with rejections based on its spot variant. may break the law on administrative procedures.
Criticism of the regulator was supported by the founder of Deaton Law Firm, John Deaton, who represents the interests of XRP holders in the SEC case against Ripple. According to him, the Commission’s lawsuit resulted in a loss of $15 billion for token holders.
And $15B was lost because the SEC intentionally chose not to limit the allegations against Ripple to specific sales made by Ripple and its executives but instead alleged all XRP including secondary market sales of XRP are unregistered securities. https://t.co/o3GGANtaOM
— John E Deaton (213K Followers Beware Imposters) (@JohnEDeaton1) August 30, 2022
In August, Forbes journalist Roslyn Layton published materialwhich questioned the objective approach of the SEC to oversee the crypto industry.
“[…] the actions of the Securities and Exchange Commission on “enforced regulation” are a kind of manipulation through arbitrary and capricious decisions and the absence of process and rules, ”the article says.
According to Layton, the SEC prefers to levy fines rather than regulate.
Recall that the editors of the Wall Street Journal accused the head of the department in a “confusing” approach regarding the adoption of a spot bitcoin ETF.
Billionaire Mark Cuban and member of the US House of Representatives Tom Emmer also condemned the Commission. According to the latter, Gensler chose the tactics of harassment and threats against the crypto industry.
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