ចៅក្រមសាលាឧទ្ធរណ៍សហព័ន្ធបានសាកសួរអំណះអំណាងរបស់ SEC ក្នុងអំឡុងពេលដំបូង សវនាការបណ្តឹងឧទ្ធរណ៍ នៅថ្ងៃទី 7 ខែមីនា ហើយបានសួរមេធាវីរបស់និយតករថា តើការវិនិយោគ Grayscale ត្រូវការអ្វីខ្លះដើម្បីផ្តល់ជូនដើម្បីបំពេញតម្រូវការរបស់ខ្លួនទាក់ទងនឹងកន្លែង Bitcoin ETF ។
ប្រធានចៅក្រម Sri Srinivasan និងចៅក្រម Neomi Rao និង Harry Edwards នៃស្រុក Columbia Circuit Court of Appeals ក្នុងទីក្រុង Washington, DC បានធ្វើជាអធិបតីក្នុងសវនាការ។
SEC explanation needed
លោក Don Verrilli អ្នកដឹកនាំរឿង Grayscale បានប្រាប់ចៅក្រមថា ការបដិសេធរបស់ SEC ចំពោះកម្មវិធី Bitcoin ETF របស់ក្រុមហ៊ុនគឺ "បំពាន" ដោយសារតែនិយតករបានអនុម័ត ETPs ដែលមានមូលដ្ឋានលើអនាគត ហើយបានប្រកែកថាមិនមានភាពខុសប្លែកគ្នារវាងអ្នកទាំងពីរទេ ដោយសារពួកគេទាំងពីរបានមកពីតម្លៃនៃ Bitcoin ។
Verrilli further told the panel of judges that Grayscale wants to be regulated and is looking for a path forward.
Meanwhile, SEC lawyer Emily Parise said that Grayscale’s argument is an “unsupported empirical leap” and the 99% correlation between the spot and futures markets does not prove causation. Parise argued that the onus to prove causation lay on Grayscale and that the company had not provided sufficient “data” to alleviate its concerns.
However, Judge Neomi Rao said that Grayscale has provided a lot of information on how the two markets function with each other, but the SEC has not accepted the company’s reasoning.
Rao added that it seems the “SEC has to explain why they [Grayscale] are wrong in the evidence that they have proffered” in regards to a spot Bitcoin ETF being the same as a futures ETF.
Parise said that the SEC has “very clearly” laid out a way for Grayscale to satisfy its concerns by showing that the spot Bitcoin market prices do not lead the futures market prices. However, the commission found that the path laid out by Grayscale was “inconclusive” despite looking at numerous other studies. She added:
“The evidence is just mixed at this point, it’s bi-directional sometimes, it depends on what period of time you’re looking at.”
Judges questioned how the SEC approved futures ETFs under the Tookrium order but cannot apply the same reasoning to a spot ETF.
តក្កវិជ្ជា
Judge Rao said that the SEC has previously concluded in the Tookrium order that futures prices are led by spot and that any fraud and manipulation on the spot market can be “adequately addressed on the futures market as its a regulated one.”
She asked Parise why the SEC then went on to reject the spot ETF application and why the reasoning does not extend to a spot ETF. Rao asked:
“What’s the logic behind it?”
Parise said there is a lack of evidence and data and the regulator is not confident that fraud and manipulation could be prevented the same way it is for futures products.
Judge Rao also asked Parise if the judges disagreed with the SEC’s stance would the regulator approve the spot ETF or cancel its previous approval of a futures Bitcoin ETF?
Parise said that she could not answer that question on behalf of the SEC.
Source: https://cryptoslate.com/judges-question-secs-logic-during-grayscales-first-appeals-hearing/