Ryan Selkis, founder of Messari, has criticized the SEC for refusing to convert Grayscale Investments Bitcoin trust into an exchange-traded fund (ETF).
According to him, last year the attackers deprived users of $1 billion. Selkis has noted that the regulators’s refusal to convert the GBTC into a spot Bitcoin ETF is a fraud that resulted in much more damage of about $7 billion.
He has written:
“SEC Chairman Gary Gensler doesn’t care about protecting investors, facilitating capital accumulation, or ensuring fairness in the markets. He cares about power.”
Grayscale Investments filed in October last year paperwork to convert a digital gold-based trust into a spot Bitcoin ETF.