[2023-06-16] What Happens to Crypto if the Spot Bitcoin ETF is Approved?

[CoinTürk]

In Brief

- BlackRock, the world's largest investment firm, has filed for a spot Bitcoin ETF.
- If approved, this ETF could significantly boost Bitcoin prices, much like gold ETFs in 2004.
- Despite past rejections, BlackRock's application could pioneer a trend of regulated spot Bitcoin markets.

https://en.coin-turk.com/what-happens-to-crypto-if-the-spot-bitcoin-etf-is-approved-here-is-the-gold-example/

[cr1776]

It would be a big positive if approved for the fiat price. Likewise, it would put a lot of huge players and money behind bitcoin making it much more difficult to stop in the US. The more uses the better.

[Kakmakr]

I do not know if you saw this thread on the forum about the comments that the SEC did on the application of the BlackRock Bitcoin ETF?
https://bitcointalk.org/index.php?topic=5458216.msg62491996#msg62491996

The SEC are playing games with one of the largest financial organizations in the US, by saying that their application are "inadequate"  I think the SEC are stalling a decision on this, because the politicians have other agendas. 

[cr1776]

I do not know if you saw this thread on the forum about the comments that the SEC did on the application of the BlackRock Bitcoin ETF?
https://bitcointalk.org/index.php?topic=5458216.msg62491996#msg62491996

The SEC are playing games with one of the largest financial organizations in the US, by saying that their application are "inadequate"  I think the SEC are stalling a decision on this, because the politicians have other agendas. 

I agree.  The SEC is having strings pulled from above.  Eventually it will become apparent to everyone what is going on - or they will be forced to approve it or state specifically why in court.  This is a perfect example of the problems with the entire concept where Congress makes a general law and then has faceless bureaucrats make rules and enforce it.  There is no accountability and it lets politicians blame someone else.  It also results in so many laws that no one anywhere knows what they all are.

[yhiaali3]

Yes, the “anonymous bureaucrats”!!! Yes, this is always the unfortunate case in all countries, even in the largest democracies. There are corrupt politicians or economists who work in secret and control everything under the surface.

[cr1776]

Yes, the “anonymous bureaucrats”!!! Yes, this is always the unfortunate case in all countries, even in the largest democracies. There are corrupt politicians or economists who work in secret and control everything under the surface.

Yes, this is one problem with the so-called administrative state.  Lawmakers should make the laws.  If they can't make them clear enough themselves then it should be a law.