It's not often one feels sorry for billionaires.
OK, that didn't last long, but Grayscale do have a point in their on-going argument with the SEC.
Grayscale: SEC Argument for Blocking Bitcoin ETF 'Illogical'
The SEC bullshit:
The watchdog argued that the ETF application did not do enough to protect investors from "fraudulent and manipulative acts and practices," an argument that has appeared in nearly all of the SEC's Bitcoin ETF rejections.
The reality:
"Its central premise—that the Exchange’s surveillance-sharing agreement with the CME provides adequate protection against fraud and manipulation in the bitcoin futures market but not the spot bitcoin market—is illogical," argued Grayscale in today's response brief.
A surveillance-sharing agreement refers to an arrangement between an exchange and the Chicago Mercantile Exchange (CME), in which the CME oversees any instances of market manipulation that would artificially affect the price of an asset.
The point is important: the CME already knows how to deal with scammy markets as they have always existed.
But the manifest reality is that Gary Goosehandler doesn't give a crap about any crypto that is not in the hands of his bankster friends. Witness the latest kick in two testicles: Gemini and Genesis.
However, also no logical link between "we want our ETF" and "we're locking investor money"!!
scammers from top to bottom.
Might be hard to get data, but would like to see the flow of real money in these SEC-related scams. Coin valuations don't count, eg GBTC fees are real money being drained from locked-in investor-fools.