SEC's Rejection of Grayscale ETF Poses Regulatory Quandary. On Wednesday, June 29, 2022, the U.
03 Jul 2022, 08:00
SEC’s Rejection of Grayscale ETF Poses Regulatory Quandary
On Wednesday, June 29, 2022, the U.S. Securities and Exchange Commission (SEC) published an 86-page decision, “Order Disapproving a Proposed Rule Change, as Modified by Amendment No. 1, to List and Trade Shares of Grayscale Bitcoin Trust under NYSE Arca Rule 8.201-E,” which in essence is a rejection of Grayscale’s exchange-traded fund (ETF).
There are a few parts of the discussion worth delving into, but perhaps none more so than what’s found on page 21, which states that many commentators argue that “the price of Bitcoin is subject to manipulation on the unregulated platforms, and approval of the proposal would invite additional manipulation.”