The writing is on the wall. The Bitcoin ETF is lined up in the SEC, and it is only a matter of time before Bitcoin skyrockets.
SEC Gensler is in a tough spot
Gary Gensler, the anti-cryptocurrency chair of the U.S. Securities and Exchange Commission (SEC), is caught between a rock and a hard place. He has the world’s largest asset manager (BlackRock) and several other financial giants waiting for him. Decide.
To buy himself time, Gensler could defer his decision for up to 240 days, but the chances of circumstances changing in terms of awarding a spot bitcoin ETF are likely to be very small.
The SEC chairman can continue to support himself and collectively reject ETF applications. However, there is really no reason for him to do so, and the political pressure he must already face will become unbearable.
Poor SEC decision
Gensler will need to be a man of steel to continue leading his anti-encryption line, but his performance so far doesn’t suggest he has the guts to do so.
Under his leadership, the SEC has transformed from the role of a patrolling policeman ensuring markets run smoothly and investors are properly protected, to a vehicle for a hostile crusade against the cryptocurrency industry.
Gensler’s decision to attack Coinbase now appears to have been a very ill-judged move, especially given recent events SEC/Ripple case court decision The ruling ruled that secondary sales of XRP on exchanges do not constitute securities transactions.
So continuing to spend millions of taxpayer dollars trying to bring down Coinbase, a company that is supposed to have done everything it can to be compliant, looks stupid and could be seen as the SEC’s attempt to destroy all crypto trading So, to prevent retail investors from using them.
power over government
It’s likely one could argue that it’s not just Gensler using the SEC as a weapon against cryptocurrencies. The decision to overthrow cryptocurrencies is likely to come from higher up, possibly even from the very top.
Yet there is still one power in America that continues to transcend politics and government, and that is the power of money, and that power comes in the form of institutional corporations that own just about everything. BlackRock is the pinnacle of all of these firms, and it will have the internal connections and resources to get what it wants, which is a spot bitcoin ETF.
Whether such a company should dabble in the bitcoin pie is another matter, but given that bitcoin is for everyone, those who can fully understand it and invest in it first will be the ones who stand to gain the most.
Just a matter of time
Therefore, it is only a matter of time before an ETF is approved and Bitcoin surges amidst a wave of institutional buying. If the SEC wins and somehow makes a case for not approving the ETF, the agency will still find a way to finally get the job done.
There is no doubt that the bull run for Bitcoin has begun. Institutional or not, if 75% of BTC holders don’t sell, and as next year’s halving approaches, Bitcoin will still work.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.
