Best Crypto to Buy Now 28 July – ImmutableX, Internet Computer, Ethereum Classic
On July 27, Grayscale presented an argument on the approval of Bitcoin ETFs to the SEC, amid growing pressure for their approval from a growing user base.
Grayscale argued that approving all applications concurrently would ensure a level playing field, without any one fund having an early edge.
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The proposal, delineated in a letter to the SEC, comes from Craig Salm, Chief Legal Officer at Grayscale.
The thrust of the communication concerns eight Bitcoin ETF filings, inclusive of Grayscale's own application.
With this move, Salm is challenging the SEC to refrain from designating "winners and losers" but rather to bring about an unbiased and orderly resolution.
The proposition maintains that the SEC could sanction the ETFs based on the precedent set by its approvals for Bitcoin futures ETFs, drawing a strong correlation between the two fund types.
Eagerly awaiting the SEC's green light on their ETF applications are Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity, and ARK Invest, who have recently included SSAs in collaboration with Coinbase in their amended applications.
Paralleling the tension in the ETF arena, political discourse around stablecoin regulations has also heightened.
Patrick McHenry, a Republican Congressman leading the United States Financial Services Committee, has expressed disappointment with the Biden administration, attributing the delay in the implementation of stablecoin regulations to their reticence.
McHenry’s grievances were aired during a hearing on July 27, where he underscored the absence of consensus between his party and the Democrats, especially with respect to the Clarity for Payment Stablecoins Act.
McHen
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