“Since that time, the SEC has rejected every request to list a Bitcoin ETF on a national stock exchange, citing a number of concerns that this report will demonstrate have been fully addressed by asset managers seeking to offer responsible, transparent and regulated exposure services. bitcoin to retail and institutional investors.
Before exploring their arguments, you should know the Digital Chamber of Commerce it defines itself as a “trade association that represents the ecosystem of blockchain technology. Our mission is to promote the acceptance and use of digital assets and blockchain technologies. ”So, despite its official-looking name, it is not a government institution.
What does the digital chamber of commerce support?
What games is the SEC playing? Why does the US still not have a spot ETF on Bitcoin? “To date, at least 16 different companies have applied to the SEC for the right to offer a Bitcoin ETF to US investors. All these requests have been rejected, several times, “explains the Digital Chamber of Commerce. According to the organization, the companies applying for the ETF have done everything possible to comply with the SEC and the answer remains negative.
“Instead of playing a leading role in responsible adoption of new technologies and products, the United States is lagging behind the rest of the world as more and more countries approve these products. The US is increasingly seen as an undesirable place for innovators in the digital asset space to conduct operations due to the current regulatory environment. “
The Digital Chamber of Commerce warns that the capital that would have been invested in the United States has been “distributed to other more innovation-friendly countries”. Other advanced economies such as “Canada, Germany, Sweden, Switzerland and most recently Australia” have already approved Bitcoin ETFs. And “to date, there have been no reported cases of hacking or theft and no indications of market manipulation relating to these internationally listed Bitcoin ETFs,” the Digital Chamber of Commerce points out.
BTC price chart for 09/13/2022 on Bitstamp | Source: BTC/USD on TradingView.com
The standard was met
The Digital Chamber of Commerce soon takes off its gloves and grabs President Gensler by the throat: “After nearly ten years of working with the SEC looking for a Bitcoin ETF, few market participants believe the real reason the SEC continues to Denying Bitcoin The ETF’s questions have many connections to the legal standards that the SEC cites in its denials. ” According to the Digital Chamber of Commerce, the standard has been met.
The organization offers a theory:
“There is broad consensus that President Gensler is now seeking oversight of cryptocurrency exchanges through the SEC’s regulatory mechanism. In a February 2022 interview, SEC Commissioner Peirce echoed the widespread belief on the intentions of President Gensler: “I think that [Chairman Gensler] is trying to bring those crypto platforms into our orbit, “he said.
The Digital Chamber of Commerce also offers a surprisingly bold solution:
“Litigation against the SEC, once considered an unthinkable approach, is now one of the most viable options for eventually getting a Bitcoin ETF on the market. However, litigation is inherently uncertain and litigation against the government is notoriously time-consuming. and money “.
The Digital Chamber of Commerce vs. President Gensler
In case someone lost their charge for the first time, the Digital Chamber of Commerce explains their theory once again. With even more details:
“It is becoming clear that President Gensler does not intend to approve a Bitcoin ETF until the SEC’s regulator is expanded to cover cryptocurrency exchanges, whether through legislation, the SEC’s unilateral regulation or law enforcement actions. SEC, creating a belief among market participants that the real pretext for denying the application is not based on any unmet legal standard, but rather as a means of effecting a judicial land grab.
The organization concludes its study with combative words:
“Unfortunately, it is becoming increasingly likely that it will take litigation or targeted efforts by Congress to break through the SEC’s increasingly arbitrary and unwarranted treatment of this important investment product.”
So yes, the Digital Chamber of Commerce does not play. Though his studio it also reads as a desperate request for validation. However, the organization has aimed for the President’s throat, and that matters.
Featured Image by Sergei Tokmakov, Esq. Terms.Law from Pixabay| Charts by TradingView