According to recent news reports, Grayscale Investments CEO Michael Sonnenshein warned of a possible adverse effect on the US market if the SEC (Securities and Exchange Commission) proceeds to regulate the cryptocurrency industry unevenly.
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Grayscale CEO Bashes SEC’s Enforcement Tactics
Sonnenshein recently told Fox Business that the SEC may push crypto-related companies away from the United States by concentrating on regulatory enforcement alone.
Crypto and Stablecoin Regulation is a Must
The Grayscale CEO noted: “If every crypto issue needs to go to a court of law, then as a country, we are squashing the innovation taking place here.”
The CEO of the world’s largest digital currency asset manager expressed his opinion that the market requires distinctive specifications for cryptocurrency commodities and cryptocurrency securities, in addition to clearer rules and regulations regarding stablecoins.
Grayscale Exec Highlights Importance of Clear Laws
The Grayscale CEO stated: “Adding further clarity to this would ensure that companies and people working on crypto don’t leave the U.S. because our regulatory environment is hostile toward the asset class but instead embraces it.“
On the other hand, he is positive about Congress’ constant efforts to create certainty regarding regulations for the business. He said: “A lot of this legislation that this Congress could very well pass; could give the industry the actual clarity it needs to move forward in a way that embraces crypto.”
Notably, the US House Financial Services Committee recently passed two crypto-related legislative measures that are intended to provide much-needed legal clarification.
Spot Bitcoin ETF Approval
As reported by TheCoinRise, the company requested permission from the Securities and Exchange Commission for all proposed spot Bitcoin exchange-traded funds (ETFs). Grayscale Chief Legal Officer Craig Salm noted that the firm’s attorney wrote a letter including eight spot Bitcoin ETF filings, advising the SEC to avoid picking “winners and losers” and instead come to an accurate and fair decision.
In addition, the firm has filed registration statements with the SEC in order to offer an Ethereum Futures ETF, a Global Bitcoin Composite ETF, and a Privacy ETF.
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