{"id":542767,"date":"2023-01-24T05:06:03","date_gmt":"2023-01-24T02:06:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/secs-one-dimensional-approach-is-slowing-bitcoin-progress-grayscale-ceo\/"},"modified":"2023-01-24T05:06:03","modified_gmt":"2023-01-24T02:06:03","slug":"secs-one-dimensional-approach-is-slowing-bitcoin-progress-grayscale-ceo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/secs-one-dimensional-approach-is-slowing-bitcoin-progress-grayscale-ceo\/","title":{"rendered":"# SEC&#8217;s &#8216;one-dimensional&#8217; approach is slowing Bitcoin progress: Grayscale CEO"},"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-6a2e5b85eeedf\" 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-6a2e5b85eeedf\" 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\/secs-one-dimensional-approach-is-slowing-bitcoin-progress-grayscale-ceo\/#%E2%80%9D_SECs_%E2%80%98one-dimensional_approach_is_slowing_Bitcoin_progress_Grayscale_CEO_%E2%80%9C\" >&#8221; SEC&#8217;s &#8216;one-dimensional&#8217; approach is slowing Bitcoin progress: Grayscale CEO &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SECs_%E2%80%98one-dimensional_approach_is_slowing_Bitcoin_progress_Grayscale_CEO_%E2%80%9C\"><\/span>&#8221; SEC&#8217;s &#8216;one-dimensional&#8217; approach is slowing Bitcoin progress: Grayscale CEO &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvZWQ5ZTcyMzUtZmEzZi00NzIzLTkzZDYtOWNhNDhlMDkxOWUyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>The <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>roach to crypto regulatory enforcement by the United States Securities and Exchange Commission (SEC) stalled the advancement of Bitcoin (BTC) in the country, according to the CEO of Grayscale Investments.<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/amp\/articles\/ftx-sbf-crypto-regulation-sec-11674493234?mod=opinion_major_pos16&amp;linkId=198344712\">letter<\/a> published in The Wall Street Journal on Jan. 23, the chief of the cryptocurrency asset management firm, Michael Sonnenshein, said he agreed with an assertion that the SEC was \u201clate to the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>\u201d regarding crypto regulation and preventing the bankruptcy of FTX, adding:<\/p>\n<blockquote><p>\u201c\u2018Late\u2019 doesn\u2019t capture what transpired here. The problem is the Securities and Exchange Commission\u2019s one-dimensional approach of regulation by enforcement.\u201d<\/p><\/blockquote>\n<p>Grayscale is currently suiting the SEC for denying the conversion of its Bitcoin trust to a spot-based Exchange Traded Fund (ETF).<\/p>\n<p>He clarified the SEC \u201cshould certainly try to eliminate bad actors\u201d but it shouldn\u2019t hinder \u201cefforts to develop appropriate regulation.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Doing our part to re-instill trust and confidence in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> cc <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Grayscale?ref_src=twsrc%5Etfw\">@Grayscale<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CraigSalm?ref_src=twsrc%5Etfw\">@CraigSalm<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jenn_rosenthal?ref_src=twsrc%5Etfw\">@jenn_rosenthal<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$GBTC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/u72RHmGTmJ\">pic.twitter.com\/u72RHmGTmJ<\/a><\/p>\n<p>\u2014 Sonnenshein (@Sonnenshein) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Sonnenshein\/status\/1617556051855015937?ref_src=twsrc%5Etfw\">January 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The inaction by the regulator to stop such bad actors from entering the crypto industry \u201cprevented Bitcoin&#8217;s advancement into the U.S. regulatory perimeter\u201d according to Sonnenshein.<\/p>\n<p>This has thus forced American investors to offshore crypto businesses \u201cwith less protection and oversight,&#8221; he said.<\/p>\n<blockquote><p>\u201cWe are seeing the consequences of the SEC\u2019s priorities play out in real-time \u2014 at the expense of U.S. investors.\u201d<\/p><\/blockquote>\n<p>Sonnenshein\u2019s opinion piece comes amid an ongoing lawsuit between Grayscale and the SEC for having \u201carbitrarily denied\u201d Grayscale\u2019s plans to convert its Grayscale Bitcoin Trust (GBTC) to a spot ETF.<\/p>\n<p>The SEC argued Grayscale\u2019s proposal did not sufficiently protect against fraud and manipulation. Grayscale countered saying the SEC was arbitrarily treating spot-traded products differently from futures-traded products. <\/p>\n<p>Grayscale is owned by the crypto conglomerate Digital Currency Group (DCG), which is currently undergoing financial difficulties.<\/p>\n<p>DCG also owns the bankrupt Genesis Trading which was charged by the SEC on Jan. 12 for allegedly selling unregistered securities.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>SEC leaked crypto miners\u2019 personal information during investigation: Report<\/em><\/strong><\/p>\n<p>Over the weekend, John Reed Stark, a crypto skeptic and former SEC chief lambasted the term \u201cregulation by enforcement\u201d labeling it a \u201cBogus Big Crypto Catch Phrase.\u201d<\/p>\n<p>In a Jan. 22 post on Linkedin, he said the term was a \u201cmisguided, deflective effort designed to tap into sympathetic libertarian and anti-regulatory mores\u201d calling it \u201cutter nonsense.\u201d<\/p>\n<p>He argued that \u201clitigation and SEC enforcement are actually how securities regulation works.\u201d <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/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\/sec-s-one-dimensional-approach-is-slowing-bitcoin-progress-grayscale-ceo\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SEC&#8217;s &#8216;one-dimensional&#8217; approach is slowing Bitcoin progress: Grayscale CEO &#8220; The approach to crypto regulatory enforcement by the United States Securities and Exchange Commission (SEC) stalled the advancement of Bitcoin (BTC) in the country, according to the CEO of Grayscale Investments. In a letter published in The Wall Street Journal on Jan. 23, the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":542768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/ed9e7235-fa3f-4723-93d6-9ca48e0919e2.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,75849,76550,74898,70934,67874],"class_list":["post-542767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-etf","tag-grayscale","tag-sec","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542767","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=542767"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542767\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/542768"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=542767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=542767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=542767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}