Grayscale Ruling: SEC Slammed By Industry Leaders For Ineffective Crypto Regulation

In the wake of a U.S. federal court directing the Securities and Exchange Commission (SEC) to reconsider its rejection of Grayscale Investments GBTC Bitcoin BTC/USD ETF bid, industry leaders voiced strong opinions.

Some asked the regulatory watchdog to introspect its stance towards the industry and others called for SEC Chair Gary Gensler's resignation.

This evolving landscape and its potential ramifications will be among the key topics discussed at Benzinga's upcoming Future of Digital Assets event, where industry leaders will converge to share insights and chart the way forward for the crypto world.

Paul Grewal of Coinbase Global Inc COIN emphasized the need for regulatory clarity, suggesting the SEC should "take to heart" the court's message.

Grewal pointed out the court's role in providing the regulatory clarity that the SEC has been hesitant to offer.

"This was a unanimous opinion... it just shows when the SEC acts contrary to law, it will find itself held accountable in courts of law," Grewal stated.

Grewal further suggested the SEC should consider the lessons from the court's ruling, adding the commission's current approach to crypto regulation is ineffective.

Venture capitalist Anthony Pompliano expressed cautious optimism, noting, "There is no guarantee that a Bitcoin Spot ETF is coming any time soon, but the odds definitely increased with the court's decision today."

Also Read: Crypto Analyst Cautions Against 'Next Bull Market' Assumptions

Skybridge Capital CEO Anthony Scaramucci was more direct in his criticism, suggesting "Gensler should resign."

Jihoz, the co-founder of Axie Infinity, reflected on the crypto industry's recent legal successes, attributing them to the court system's protective stance against the whims of a minority faction.

"The court system is protecting the people from the random opinions of A MINORITY FACTION. That's how it should be," Jihoz said.

The collective voices from the industry highlighted the ongoing debate surrounding crypto regulation in the U.S., emphasizing the need for the SEC to reevaluate its stance on digital assets.

As the crypto community keenly awaits the SEC's next move, the outcome could have profound implications for the future of digital assets.

Read Next: Could Grayscale's Win Usher In Tsunami Of Crypto Investment? 5 Experts Decode The Ruling

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