Coinbase CEO and CLO Credit Grayscale for Historic Victory
The spot Bitcoin ETF craze ended with a bang after the US Securities and Exchange Commission (SEC) gave the green light to 11 issuers. While many applications were in the queue, Grayscale Investments, the world’s leading crypto asset manager, attracted attention. Coinbase CEO Brian Armstrong and CLO Paul Grewal recently credited Grayscale for the historic victory in the ETF saga.
Also Read: Bitwise Joins VanEck to Donate 10% ETF Profits to Bitcoin Development
Coinbase CEO and CLO Laud Grayscale’s Challenging ETF Journey
In a recent tweet, Armstrong quoted Grewal’s post and supported his view that Grayscale is indeed worthy of Spot Bitcoin ETF approval. The CEO noted that the organization has overcome many obstacles given its victory against the SEC in court. “Grayscale deserves a lot of credit for today taking this matter to the courts,” Armstrong wrote.
On the other hand, Grewal praised Grayscale’s effort to “counter the SEC’s arbitrary and capricious behavior.” He also praised the D.C. Circuit Court of Appeals for “affirming that the rule of law must prevail over politics.”
Grayscale CEO Michael Sonnenshein later responded to Armstrong and Grewal, acknowledging their comments. He added that Armstrong and the entire Coinbase team continue to be “great partners” for them.
SEC Commissioner Condemns Agency’s Approach to Bitcoin ETFs
While Grayscale got all the praise, it received criticism from SEC insiders. SEC Commissioner Hester M. Peirce highlighted five critical mistakes the agency made regarding Bitcoin ETFs. In a recent statement, he acknowledged that a decade’s worth of opportunities had been “squandered” by the agency. He also highlighted the SEC’s arbitrary treatment of Bitcoin ETFs and the discrediting of cryptocurrencies.
Additionally, Peirce expressed concern about misallocation of personnel resources. He stated that “millions of dollars” were wasted in an attempt to reject Bitcoin ETF proposals. He also criticized the SEC for overstepping its role and argued that Congress did not give the agency the authority to dictate individual investment choices.
The fourth article addressed the SEC’s deviation from standard procedures, creating an “artificial frenzy” around Spot Bitcoin ETFs. Finally, Peirce underlined that innovative minds in the industry are alienated due to regulatory bias.
Also Read: Spot Bitcoin ETF Approved: Here’s Why Grayscale Wins
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