The Chamber of Digital Commerce has released a report alleging that the SEC’s refusal to approve the past 16 Bitcoin ETF applications is politically motivated.
Several American business entities have made up to 16 applications to offer Bitcoin (BTC) Exchange-Traded Funds (ETFs) to clients. The U.S. Securities and Exchange Commission has denied all 16 applications, alleging that the applications do not meet the regulator’s standards. Nonetheless, a recent report notes that these rejections could be due to a “political agenda.”
Founder and CEO of Chamber of Digital Commerce, Perianne Boring, disclosed the report in a Fox Business interview Monday. According to Boring, the report reveals that SEC Chairperson Gary Gensler’s refusal to approve these Bitcoin ETFs is not due to the industry’s shortcomings in the regulatory watchdog’s standards.
Boring noted that Gensler’s moves are allegedly politically motivated.
Our conclusion is that BTC ETFs non-approval has little to do with the industry not being able to meet the SEC standards to bring an ETF to market, but it has a lot more to do with a larger political agenda,
Chairman Gensler has a very aggressive agenda and is looking to expand the SEC’s jurisdiction and authority throughout the digital asset ecosystem, and he has laid this out in congressional testimony,” Boring said, “So we detail that in the crypto conundrum. And the reason why it’s such a conundrum is really going back to those protections for the retail investors.”
Boring noted that the SEC is being retrogressive in its approach to regulating the crypto industry. “They’ve accomplished the exact opposite of their mission,” she said, noting widespread discrimination against entities seeking to issue a Bitcoin ETF. “It’s time for a spot, bitcoin ETF to come to market now,” she remarked.
The SEC’s Bizarre Trend of BTC ETF Application Rejections
Gensler’s SEC has habitually rejected any Bitcoin ETF applications from business entities. So far, 16 applications have been rejected by the regulatory body, raising questions about the actual reason behind this trend. Most notably, Grayscale Investments’ spot BTC ETF application rejection sparked outrage within the crypto community.
As reported by The Crypto Basic in June, following the rejection, Grayscale filed a lawsuit against the SEC. Grayscale applied to convert its Grayscale Bitcoin Trust (GBTC) to a spot ETF in October of last year. After several deferments, the SEC ultimately rejected the ETF application, as revealed in a press release from the watchdog on June 29. The SEC noted that Grayscale did not provide sufficient answers to questions preventing market manipulation.
Several crypto proponents blasted the SEC for this decision. Last month, Ryan Selkis, founder and CEO of Messari, called the SEC’s decision a “fraud.” According to Selkis, the denial has cost investors $7B. Selkis added that Gensler’s decision was not motivated by concern for the markets but a desire for power.
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