https://www.coindesk.com/policy/2023/03/07/judges-express-skepticism-of-sec-arguments-in-grayscale-bitcoin-etf-hearing/
Panel hakim tampak skeptis terhadap argumen Komisi Sekuritas dan Pertukaran AS (SEC) selama sidang banding dalam upaya berkelanjutan Grayscale untuk mengubah Grayscale Bitcoin Trust (GBTC) menjadi dana yang diperdagangkan di bursa ( ETF).
Perusahaan pergi ke pengadilan pada hari Selasa untuk menyatakan penolakan SEC atas aplikasi ETF-nya adalah "sewenang-wenang," memberi tahu majelis hakim bahwa Grayscale "meminta untuk diatur" oleh SEC melalui konversi GBTC menjadi ETF. Grayscale adalah anak perusahaan dari Digital Currency Group, perusahaan induk CoinDesk.
Ketua Hakim Sri Srinivasan dan Hakim Neomi Rao dan Harry Edwards dari Pengadilan Banding Sirkuit Distrik Columbia di Washington, D.C., menanyakan Penasihat Senior SEC Emily Parise sejumlah pertanyaan tentang argumen agensi bahwa harga berjangka bitcoin mendasari ETF berjangka lebih tahan terhadap manipulasi daripada pasar spot bitcoin jika ETF spot bitcoin berjangka disetujui.
Hakim Rao mengajukan sejumlah pertanyaan tentang harga berjangka, kontras dengan harga spot: "Tampak bagi saya bahwa [apa] yang benar-benar perlu dijelaskan oleh Komisi adalah bagaimana ia memahami hubungan antara bitcoin berjangka dan harga spot bitcoin ... menurut saya ... satu pada dasarnya hanyalah turunan. Mereka bergerak bersama 99,9% dari waktu. Jadi di mana celahnya, menurut pandangan Komisi?"
Dalam pandangan SEC, kata Parise, korelasi 99% tidak sama dengan penyebab, dengan mengatakan bahwa angka tersebut hanya mengacu pada harga sekali sehari daripada harga harian. Dia sebelumnya telah menyebutkan bahwa menurut SEC, "tidak perlu dipersoalkan" bahwa pasar spot untuk bitcoin terfragmentasi, berbeda dengan bitcoin berjangka, yang hanya berdagang di CME.
Hakim lain juga mengajukan sejumlah pertanyaan mulai dari pembelaan hukum oleh SEC hingga bagaimana SEC mengevaluasi tes yang digunakan untuk menolak tawaran Grayscale.
Para juri' skeptisisme yang jelas dari posisi SEC mengirim GBTC lebih tinggi sebesar 5% pada hari Selasa sementara harga bitcoin datar di $23.300. Itu semakin mempersempit diskon dana tertutup menjadi nilai aset bersih (NAB), yangtelah jatuh ke level terendah satu bulan dari 42% pada hari Senin.
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