- Winklevoss slams SEC for rejecting Bitcoin ETF.
- The SEC’s refusal has pushed traders in direction of dangerous options resembling high-fee GBTC.
- The SEC’s stance has benefited offshore buying and selling venues and FTXs.
Gemini founder Cameron Winklevoss took to Twitter to precise his frustration on the tenth anniversary of his and Tyler Winklevoss’ submitting with the US regulator for a Bitcoin exchange-traded fund (ETF).
Winklevoss stated the Securities and Change Fee’s (SEC) continued refusal to approve such merchandise has had a disastrous end result for US traders.
Winklevoss stated the SEC’s actions not solely prevented traders from accessing the best-performing belongings of the previous decade, but additionally pushed them to hunt dangerous options resembling Grayscale Bitcoin Belief (GBTC), infamous for buying and selling reductions and excessive charges.
As well as, Winklevoss argued that the SEC’s stance inadvertently pushed bitcoin spot buying and selling overseas into unregulated locations and pushed traders into the arms of FTX, the platform that later grew to become embroiled in one of the crucial important monetary fraud circumstances.
In his scathing tweet, Winklevoss urged the SEC to reassess its observe document and concentrate on its core mandates of defending traders, selling truthful markets and facilitating capital formation. He believed {that a} completely different strategy might have produced extra favorable outcomes for traders.
NFT Fanatic within the feedback part requested on the influence of current filings by BlackRock and Constancy. Specialists have argued that the arrival of such heavyweights on the cryptocurrency funding scene is promising and will change the dynamics of ETFs.
Aaron Carroll, CEO of Dexani.io, could not assist however add some sarcasm to the scenario. Carroll snapped cheers for SEC Chairman Gary Gensler’s assertion by which he allegedly asserted that “the legislation is evident.”
Carroll’s playful eye-rolling emoji highlighted the irony of the scenario: A decade has handed and the long-awaited Bitcoin ETF stays elusive regardless of the readability of the legislation, in keeping with Gensler.
