Bitcoin

ចៅក្រមបានឮអំណះអំណាងផ្ទាល់មាត់នៅក្នុងឈុតពណ៌ប្រផេះប្រឆាំងនឹង SEC ជុំវិញការបដិសេធ ETF កន្លែង BTC

03/08/2023
ព័ត៌មាន Bitcoin Ethereum

A panel of judges heard oral arguments in the Grayscale Investments suit against the United States Securities and Trade Commission (SEC) on March 7. Grayscale is challenging the SEC order not to approve Grayscale’s application to create a Bitcoin (BTC អ) spot exchange-traded fund (ETF). The SEC issued its order នៅខែកក្កដា 6, 2022 ។

Former solicitor general Donald Verrilli Jr. តំណាង Grayscale and SEC senior counsel Emily Parise spoke for the SEC before Chief Judge Sri Srinivasan and Judges Neomi Rao and Harry Edwards in the District of Columbia Circuit Court of Appeals. Verrilli opened, saying:

រូបភាព

"បញ្ហាជាមូលដ្ឋានជាមួយការបញ្ជាទិញគឺថាវាផ្ទុយទៅនឹងការបញ្ជាទិញមុនរបស់ SEC ដែលផ្តល់ភ្លើងខៀវដល់ Bitcoin នាពេលអនាគត ETPs ដែលបង្កហានិភ័យដូចគ្នានៃការក្លែងបន្លំ និងឧបាយកល ហើយមានយន្តការឃ្លាំមើល CME [Chicago Mercantile Exchange] ដូចគ្នាដើម្បីការពារប្រឆាំងនឹងហានិភ័យទាំងនោះ។ ”

SEC has approved investment products from Teucrium, ProShares, VanEck and Valkyrie linked to BTC futures.

Parise argued that the offerings are not comparable with the Grayscale proposal because the surveillance mechanisms are not identical, as the spot markets underlying the asset in the proposed ETF are “fragmented and unregulated,” unlike the CME, which is regulated by the Commodity Futures Trading Commission (CFTC).

Parise went on to dismiss the argument that the Bitcoin spot and futures markets move together 99.9% of the time, pointing out that it is unclear whether the futures market leads the spot market when impacted by fraud and manipulation, or vice versa.

ដែលទាក់ទង: ការអនុម័ត GBTC អាចត្រឡប់ 'ពីរពាន់លានដុល្លារ' ដល់វិនិយោគិន: នាយកប្រតិបត្តិ Grayscale

For the proposed Grayscale product, CME surveillance would serve as a proxy for surveillance of the spot market. Furthermore, the 99.9% correlation is based on “once-a-day” futures prices, irrespective of intraday prices, Parise added.

The judges addressed more questions to Parise than to Verrilli, leading crypto community commenters to interpret their leanings as favorable to Grayscale. They asked for elucidation, for example, on how Teucrium’s product that received SEC approval differs from Grayscale’s, and why spot and futures markets might be impacted differently by fraud and manipulation.