{"id":471394,"date":"2022-07-07T09:17:42","date_gmt":"2022-07-07T06:17:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wsj-editorial-slams-secs-bewildering-bitcoin-etf-denials\/"},"modified":"2022-07-07T09:17:42","modified_gmt":"2022-07-07T06:17:42","slug":"wsj-editorial-slams-secs-bewildering-bitcoin-etf-denials","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wsj-editorial-slams-secs-bewildering-bitcoin-etf-denials\/","title":{"rendered":"# WSJ editorial slams SEC&#8217;s &#8216;bewildering&#8217; Bitcoin ETF denials"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d647bed27a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d647bed27a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/wsj-editorial-slams-secs-bewildering-bitcoin-etf-denials\/#%E2%80%9D_WSJ_editorial_slams_SECs_%E2%80%98bewildering_Bitcoin_ETF_denials_%E2%80%9C\" >&#8221; WSJ editorial slams SEC&#8217;s &#8216;bewildering&#8217; Bitcoin ETF denials &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_WSJ_editorial_slams_SECs_%E2%80%98bewildering_Bitcoin_ETF_denials_%E2%80%9C\"><\/span>&#8221; WSJ editorial slams SEC&#8217;s &#8216;bewildering&#8217; Bitcoin ETF denials &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMzIyNmY2MTgtMjBhZS00NzMzLTg4NTAtMDJjMTEzYTAwMjY5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The Wall Street Journal Editorial Board has come out swinging against Gary Gensler\u2019s \u201clegendary\u201d resistance to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roving a spot Bitcoin exchange-traded fund (ETF).\u00a0<\/p>\n<p>The hard-hitting opinion <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/gary-genslers-bitcoin-land-grab-sec-hester-peirce-bitwise-grayscale-exchange-traded-products-11657144533\">piece<\/a>, published on Wednesday, July 6 called out the Gensler-led Securities and Exchange Commission (SEC) for overt inconsistencies in how the commission handles applications for Bitcoin-related exchange-traded products (ETPs) compared to more traditional assets and other commodities.<\/p>\n<p>So far, Gensler\u2019s SEC has rejected every proposal for a spot Bitcoin ETP, including two in the last week from Grayscale and Bitwise, which resulted in Grayscale launching legal action against the SEC.<\/p>\n<p>These consistent rejections led SEC Commissioner Hester Peirce to declare Gensler\u2019s resistance to spot crypto ETPs as \u201cbecoming legendary\u201d, as the commission has already approved several ETPs for Bitcoin futures, which come at much higher costs and include much greater risk for investors than the proposed spot ETPs.<\/p>\n<p>Peirce also questioned why ETPs haven\u2019t been approved in the United States despite the products having done so elsewhere. <\/p>\n<blockquote><p>\u201cAt what point, if any, does the increasing maturity of the Bitcoin spot markets and the success of similar products elsewhere tip the scale in favor of approval?\u201d<\/p><\/blockquote>\n<p>The editorial board has also drawn attention to a two-pronged approach employed by Gensler which makes it practically impossible to get a spot Bitcoin product approved. <\/p>\n<p>This includes requiring ETP sponsors to demonstrate that a significant amount of Bitcoin trading occurs on a regulated market, or that the underlying market must \u201cpossess a unique resistance to manipulation beyond the protections\u2026of traditional markets.\u201d<\/p>\n<p>According to the WSJ, Gensler is \u201cfully aware\u201d that the first criteria simply cannot be met because almost all Bitcoin trading currently occurs on unregulated crypto exchanges. <\/p>\n<p>The second criterion is also extremely difficult for sponsors to meet as the SEC has \u201carbitrarily established\u201d a higher standard for spot Bitcoin ETPs without \u201cexplaining how to satisfy it.\u201d<\/p>\n<p><strong>Related: <\/strong><strong>The US Dept. of Commerce has 17 questions to help develop a crypto framework<\/strong><\/p>\n<p>Eric Balchunas, a senior ETF analyst at Bloomberg told his 107,000 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers that it was \u201cnice to see\u201d the WSJ echo similar thoughts to his ETF analyst colleague James Seyffart \u2014 claiming that Gensler is \u201cholding innovation hostage\u201d to take control of the crypto market. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Nice to see the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WSJ?ref_src=twsrc%5Etfw\">@WSJ<\/a> editorial board today echo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JSeyff?ref_src=twsrc%5Etfw\">@JSeyff<\/a>&#8216;s note from April that Gensler is holding spot bitcoin ETFs (and innovation) hostage so he can get control of crypto market h\/t <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ToddRosenbluth?ref_src=twsrc%5Etfw\">@ToddRosenbluth<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/wUEr7AdnpU\">pic.twitter.com\/wUEr7AdnpU<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1544839572336660480?ref_src=twsrc%5Etfw\">July 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The piece comes one week after Grayscale launched legal action against the SEC for denying its application to launch a spot Bitcoin ETF \u2014 claiming that the SEC\u2019s inconsistent rules concerning spot and futures Bitcoin ETPs contradict the law\u2019s requirement that regulators apply &#8220;consistent treatment to similar investment vehicles.&#8221;<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/wsj-editorial-slams-sec-s-bewildering-bitcoin-etf-denials\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; WSJ editorial slams SEC&#8217;s &#8216;bewildering&#8217; Bitcoin ETF denials &#8220; The Wall Street Journal Editorial Board has come out swinging against Gary Gensler\u2019s \u201clegendary\u201d resistance to approving a spot Bitcoin exchange-traded fund (ETF).\u00a0 The hard-hitting opinion piece, published on Wednesday, July 6 called out the Gensler-led Securities and Exchange Commission (SEC) for overt inconsistencies in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":471395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMzIyNmY2MTgtMjBhZS00NzMzLTg4NTAtMDJjMTEzYTAwMjY5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,74894,74898,74355,70934,67874],"class_list":["post-471394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-blockchain","tag-sec","tag-adoption","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/471394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=471394"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/471394\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/471395"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=471394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=471394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=471394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}