As The Crypto Bubble Pops, Investors Are Backing Coins With a Future, Like Metacade | Invezz

The crypto bubble seems to have popped after a major downturn in 2022. Terra Luna lost 99% of its value, and Sam Bankman-Fried’s FTX became insolvent towards the end of the year. The crypto bubble has now well and truly deflated, and investors are now seeking new cryptocurrencies at market lows. Buying low and selling ... Read more

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Coinbase files brief backing Grayscale’s ETF lawsuit against SEC

Coinbase (NASDAQ: COIN) has filed an amicus brief in support of digital assets manager Grayscale Investments, which is suing the US Securities and Exchange Commission (SEC) over the rejection of the company’s spot Bitcoin ETF application.

The cryptocurrency exchange’s backing of Grayscale aligns with a brief by the Blockchain Association, Coin Center and the Chamber of Digital Commerce.

On Tuesday, the Amici Curiae brief filed at the US Court of Appeals for the District of Columbia Circuit, noted “the need for greater regulatory clarity and consistency” around the SEC’s decisions on spot Bitcoin ETFs.

Particularly, the brief points to the agency’s continued denial of all spot Bitcoin ETF proposals before it, while at the same time allowing exchange traded products (ETPs) based on the same asset. The brief read in part:

“The Commission’s “thumb on the scale” approach to Bitcoin ETPs does not withstand scrutiny. Bitcoin spot ETPs like the Grayscale Trust are ideally suited for investors that desire exposure to Bitcoin; the Commission has allowed similar, and riskier, products to enter the market; and spot Bitcoin ETPs plainly satisfy regulatory requirements for listing on a national securities exchange, just like Bitcoin future ETPs do.”

Grayscale applied for approval to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF in 2021, but the SEC denied the application in June this year, citing similar reasons that had seen multiple other ETFs thrown out.

In response, Grayscale immediately filed a lawsuit against the SES, with the company’s chief legal officer Craig Salm noting in July that the case was likely to take 12 months to two years.

The post Coinbase files brief backing Grayscale’s ETF lawsuit against SEC appeared first on Invezz.

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Top Cryptos to Join This Week: Qubetics 10% Discount For Current Presale Price Ends This Sunday While Cronos Grows Cross-Chain Apps and Arbitrum Powers DeFi Scalability

Whats hotter than a crypto market brimming with innovation? Projects like Cronos are expanding the possibilities of decentralized applications, while Arbitrum is pulling in major investments, signaling a massive shift in blockchain scaling solutions. These coins are taking things to the next level, attracting attention for their ability to push boundaries and reshape ecosystems. At […]

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