Using courts for every crypto issue will squash innovation: Grayscale CEO

” A lot of this legislation that this congress might really well pass, might give the market the real clearness it needs to move forward in a way that welcomes crypto” Sonnenshein stated.On July 31, Cointelegraph reported that the House Financial Services Committee (FSC) authorized the Financial Innovation and Technology for the 21st Century Act with a 35-15 vote.The act aims to establish registration rules for crypto firms under the jurisdiction of either the Commodity Futures Trading Commission (CFTC) or the SEC.However, Sonnenshein thinks that the SEC is evaluating the incorrect requirements when determining which Bitcoin ETF should be presented to the market.” Weve been prepared for a world where there are several area Bitcoin products, where there are numerous bitcoin future products on the market” Sonnenshein stated.He argued that the SECs previous approval of the Bitcoin Futures ETF indicates it does in reality have an appropriate oversight of the Bitcoin market.” On Aug. 11, the SEC postponed its choice on the result of the spot Bitcoin ETF proposed by ARK Investment Management.After its publication in the Federal Register, the SEC started a public comment duration for the ARK 21Shares Bitcoin ETF.This marks the most recent post ponement in the regulative decision-making process concerning the approval or displeasure of an area crypto ETF in the U.S.Magazine: SBF ordered to prison, Bitcoin ETF delayed and SEC to appeal Ripple case: Hodlers Digest, Aug. 6-12