Regulation
Crypto’s Enemy Gensler Put on Defensive by Grayscale Ruling
- Industry advocates pounce on ruling to push back on agency
- SEC says that a range of cryptoassets fall under its remit
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After two years of fines, threats and lawsuits, Gary Gensler had crypto reeling. But a pair of recent legal setbacks have Wall Street’s top cop on the defensive.
The most stinging defeat for the Securities and Exchange Commission came on Tuesday when an appeals court overturned its decision to block Grayscale Investments LLC’s proposed spot Bitcoin exchange-traded fund. The ruling cracks open the door for a suite of products the regulator has deemed unsafe for retail investors.