Market Analysis Report (19 Oct 2022) PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Market Analysis Report (19 Oct 2022)

Nasdaq-listed cryptocurrency exchange Coinbase has filed an amicus brief supporting a Grayscale Investments lawsuit against the U.S. Securities and Exchange Commission (SEC) for rejecting the firm’s proposal for a spot bitcoin exchange-traded fund.

In the brief, the Blockchain Association, the Chamber of Digital Commerce, and Coin Center said that the SEC had “categorically denied every proposal” to list ETFs that hold bitcoin, despite approving multiple exchange-traded products holding BTC derivatives.

The group called spot ETFs “ideally suited” for investors looking to gain exposure to BTC, and added that the SEC has allowed “similar, riskier products to enter the market,” although ETFs “plainly satisfy regulatory requirements for listing on a national securities exchange.”

In June, the SEC denied Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. Grayscale then filed a lawsuit against the regulator.

Time Stamp:

More from CryptoCompare