Two theories from @JSeyff on why SEC holding up Grayscale & Bitwise crypto index ETFs... I lean towards the latter theory. Both of these were approved by SEC Division of Trading & Markets and then immediately stayed. Doesn't make sense. via @isabelletanlee @nicola_m_white

Regardless of what the reasons are, I 100% agree w/ this take... "The public sees conflicting actions — approvals followed by sudden reversals — which creates confusion and undermines market confidence.”

Link...

@EricBalchunas @JSeyff @isabelletanlee @nicola_m_white Think only issue w/ that theory is response from Grayscale… Why have attorneys send nasty gram if they know SEC operating in good faith? I obviously get first mover angle, but SEC could have easily disapproved if they thought Grayscale would be a thorn.