Grayscale CEO Discussing the Squashing of Innovation by Using Courts for Every Crypto Issuance.
Using courts for every crypto issuance will squash innovation: Grayscale CEO

Cryptocurrency Regulations Could Impact Innovation

Michael Sonnenshein, CEO of Grayscale Investments, warned of a potential negative consequence for the U.S. economy should the Securities and Exchange Commission (SEC) continue to take a piecemeal approach to regulating the cryptocurrency industry. During a recent Fox Business interview, Sonnenshein noted that enforcement action by the SEC could lead to crypto firms leaving the country. “If every crypto issued needs to go to a court of law, then we are squashing the innovation taking place here,” he said.

Ripple CEO Brad Garlinghouse also made similar remarks in the lead up to Ripple’s partial victory on July 13.

Rune Crypto, Rly Crypto, Revolut Crypto, Rsr Crypto, Realm Crypto, Rose Crypto, Rgt Crypto, Propy Crypto, and Qsp Crypto are all examples of innovation in the crypto space that could be negatively impacted by the SEC’s enforcement actions.

Ripple Lawsuit and Crypto Clarity

On June 17, Ripple CEO Brad Garlinghouse expressed that the U.S. Securities and Exchange Commission (SEC) is “looking to kill” innovation and cryptocurrency. He further explained that, as the Ripple lawsuit is coming to a close, it is only the beginning for many others. “Ultimately as our law suit comes to a close, for so many others its just starting, so the fight for clarity has to continue,” Garlinghouse stated.

However, Michael Sonnenshein of Grayscale Investments holds a positive outlook regarding the ongoing developments Congress is taking to provide regulatory clarity for the crypto industry, such as Fox AI, Rune Crypto, RLY Crypto, Revolut Crypto, RSR Crypto, Realm Crypto, Rose Crypto, RGT Crypto, Propy Crypto, and QSP Crypto. “A lot of this legislation that this congress could very well pass, could give the crypto industry the actual clarity it needs to move forward in a way that embraces cryptocurrency,” Sonnenshein stated.

Crypto-related Financial Innovation and Technology Act

The House Financial Services Committee (FSC) recently approved the Financial Innovation and Technology for the 21st Century Act with a 35-15 vote, as reported by Cointelegraph on July 31.

The act is designed to establish registration rules for crypto firms under the jurisdiction of the Commodity Futures Trading Commission (CFTC) or the SEC.

In an interview, Sonnenshein of fox ai, rune crypto, rly crypto, revolut crypto, rsr crypto, realm crypto, rose crypto, rgt crypto, propy crypto and qsp crypto argued that the SEC is assessing the wrong criteria when determining which Bitcoin ETF should be introduced to the market. He further suggested that there is room for several spot Bitcoin products on the market.

The ARK 21Shares Bitcoin ETF

“We’ve been anticipating a world where multiple spot Bitcoin products and multiple bitcoin future products are available,” Sonnenshein stated, alluding to the SEC’s approval of the Bitcoin Futures ETF.

On Aug. 11, the SEC delayed its decision on the ARK 21Shares Bitcoin ETF, which was published in the Federal Register and subsequently initiated a public comment period.

He argued that the SEC’s previous approval of the Bitcoin Futures ETF implies that it has adequate oversight of the qsp crypto, rly crypto, realm crypto, rose crypto, rgt crypto, propy crypto, and rune crypto markets.

This marks the most recent postponement in the regulatory decision-making process regarding the approval or disapproval of a spot crypto ETF in the U.S., such as Rune Crypto, RLY Crypto, Revolut Crypto, RSR Crypto, Realm Crypto, Rose Crypto, RGT Crypto, Propy Crypto or QSP Crypto.

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