Spot Bitcoin ETF – Is Gary Gensler the Putin of Finance? This Top Lawyer Thinks So, BlackRock and Fidelity Approvals Closer Now
The Spot Bitcoin ETF delay leads one prominent New York corporate regulatory lawyer, and a Special Professor of Law at Hofstra Law School, to say, “Gary Gensler reminds me a little bit of Putin” in his attitude to crypto.
US Securities and Exchange Commission (SEC) Chair Gary Gensler stands accused of being an authoritarian regulator who is unilaterally flexing his enforcement muscles rather than engaging in proper regularly guidance with the crypto community.
Felix Shipkevich, the founder and principal of New York-based law firm Shipkevich PLLC, said in exclusive comments provided to Cryptonews that he believes the decision of the District of Colombia Court of Appeals judges in the Grayscale vs. SEC case is the biggest-ever legal win for crypto.
So strong was the wording used by the judges it is unlikely that the SEC will appeal, contends Shipkevich. He thinks it is now much more likely that the SEC will allow Bitcoin spot ETF products to go ahead – but, perhaps controversially, probably initially only the BlackRock and Fidelity applications.
Meanwhile, the release on Thursday of news that all seven pending applications before the SEC were to be delayed for a further 45 days has thrown up an anomaly that has puzzled observers.
All the notices of delay were posted on the national securities exchanges section of the SEC site, but for reasons as yet unexplained, the delay notice for BlackRock’s iShares Bitcoin Trust was posted separately from the other notices and on a different section of the site.
The three judges described the behavior of the SEC toward Grayscale in refusing its request to convert its closed-ended trust Grayscale Bitcoin Trust into an open-ended ETF in which investors would be able to redeem their holdings,
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