Is the SEC retarding innovation and progress in the USA by opposing the BTC ETF

[Hydrogen]

America's glory years are marked by it being an early adopter of new technologies. Henry Ford invented the first assembly line. Edison and Tesla invented many new things which put america on the cutting edge of new technologies.

Now that bitcoin and crypto are emerging with great potential to advance and innovate money exchange. Many nations are rushing to embrace this new technology. Russia, japan, australia and many others are legalizing it recognizing its advantages and the opportunity present.

The SEC in the USA however is choosing to perhaps restrict innovation and progress by denying proposals for a bitcoin ETF.

This is not a new trend nor an isolated incident. Over the last 50 years or so we've seen america fall behind and squander any advantages it had from a global perspective in many tech based engineering sectors.

Is it ironic that a country once known for innovation and developing cutting edge technology is now choosing instead to repress innovation, invention and the type of cutting edge technology it was once known for?

 

[bartolo]

I think so, I think they are not aware of the importance of this technology and its future applications. They are worried about regulation and taxes instead of favoring the development of bitcoin and taking advantage of it. When they want realise there will be other countries that will be much more advanced and they will regret the bad decisions they are taking today.

[botany]

https://www.sec.gov/Article/whatwedo.html

The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

The SEC's primary objective is to protect investors. I think that is the reason why market commentators seemed to be confident that the Bitcoin ETF would be rejected. Innovation? Not their job!

[pooya87]

https://www.sec.gov/Article/whatwedo.html

The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

The SEC's primary objective is to protect investors. I think that is the reason why market commentators seemed to be confident that the Bitcoin ETF would be rejected. Innovation? Not their job!

that kinda makes half sense! mainly because all other countries are doing something similar, they protect the investors and warn them but also they allow them to trade bitcoin easier by regulating it. look at Japan for example. their biggest Forex broker which is incidentally the biggest in the whole world regarding volume, just added a new bitcoin exchange platform!

[Idrisu]

Op, you make alot of sense in this post. America security and exchangers commission rejection on ETF is one of the first in kind and this was done with intention to silence crypto currencies but thank God bitcoin can't be control by an individual, group or nation. America repression of innovation that is as great as bitcoin is not a sense of power.

[davis196]

America is still an early adopter of new technologies.
Most of the bitcoin and crypto users are from USA.I even think that Satoshi is from the USA.
I don`t care about SEC.The important thing is how many companies will adopt bitcoin is their business.
And by the way,Henri Ford didn`t invent the assembly line.He just started using assembly lines on a
mass scale.

[talkbitcoin]

it is worth mentioning that SEC is only rejecting bitcoin ETF not bitcoin. they have nothing against bitcoin. and as far as i can remember about their statement regarding denying of ETF, they clearly said that it is because bitcoin is not regulated.

being a technology, innovation, ... are all correct but when you want to enter something in a system such as SEC you need to match their description and that requires regulations.

one of the reasons why bitcoin is growing at the speed of sound in Japan is that it is now regulated!

[Hydrogen]

https://www.sec.gov/Article/whatwedo.html

The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

The SEC's primary objective is to protect investors. I think that is the reason why market commentators seemed to be confident that the Bitcoin ETF would be rejected. Innovation? Not their job!

The SEC didn't protect american taxpayers from the subprime mortgage crisis.

They didn't protect american taxpayers from the economic meltdown of 2008 which was caused by bank derivative credible bubbles popping.

They didn't protect american taxpayers from the repeal of glass steagall which was designed to separate investment banking from commercial banking.

There are other crisis bordering on the horizon such as student loans and car loans. The SEC does nothing to protect people from that.

Can anyone give me an example of the SEC doing something to protect people from bad investments?

It seems to me the SEC does the complete opposite of what they claim to do.

[iluvpie60]

There is too much government regulations on things that make no sense. I think they are getting in the way for sure. It makes no sense why it cannot be an ETF.

Almost anything can be an ETF from what I understand and Bitcoin sure meets it. They just don't want to give it more legitimacy because "muh federal reserve bank" and printing money and all that.

[Barbarian]

America's glory years are marked by it being an early adopter of new technologies. Henry Ford invented the first assembly line. Edison and Tesla invented many new things which put america on the cutting edge of new technologies.

Now that bitcoin and crypto are emerging with great potential to advance and innovate money exchange. Many nations are rushing to embrace this new technology. Russia, japan, australia and many others are legalizing it recognizing its advantages and the opportunity present.

The SEC in the USA however is choosing to perhaps restrict innovation and progress by denying proposals for a bitcoin ETF.

This is not a new trend nor an isolated incident. Over the last 50 years or so we've seen america fall behind and squander any advantages it had from a global perspective in many tech based engineering sectors.

Is it ironic that a country once known for innovation and developing cutting edge technology is now choosing instead to repress innovation, invention and the type of cutting edge technology it was once known for?

 

Henry ford did not invented the assembly line, he saw it in a slaughter house, also the assembly line goes as far as ancient China when the Chinese use it to create the Repeating crossbow known as Chu ko nu,

[deisik]

America's glory years are marked by it being an early adopter of new technologies. Henry Ford invented the first assembly line. Edison and Tesla invented many new things which put america on the cutting edge of new technologies.

Now that bitcoin and crypto are emerging with great potential to advance and innovate money exchange. Many nations are rushing to embrace this new technology. Russia, japan, australia and many others are legalizing it recognizing its advantages and the opportunity present.

The SEC in the USA however is choosing to perhaps restrict innovation and progress by denying proposals for a bitcoin ETF.

This is not a new trend nor an isolated incident. Over the last 50 years or so we've seen america fall behind and squander any advantages it had from a global perspective in many tech based engineering sectors.

Is it ironic that a country once known for innovation and developing cutting edge technology is now choosing instead to repress innovation, invention and the type of cutting edge technology it was once known for?

We don't know that for sure

Maybe, Bitcoin was specifically invented by the US government to undermine the economies of weaker countries (sort of economic weapon). Bitcoin's effects at a larger scale (at the scale of whole countries in the very least) may not be as good and positive as they are said to be. In this context, the SEC is doing everything right since it is basically defending the US from the repercussions that the employment of this weapon necessarily causes across the globe

[TravelMug]

https://www.sec.gov/Article/whatwedo.html

The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

The SEC's primary objective is to protect investors. I think that is the reason why market commentators seemed to be confident that the Bitcoin ETF would be rejected. Innovation? Not their job!

This. SEC doesn't care about bitcoin innovation. And I think bitcoin cannot satisfy what SEC is looking for. Bitcoin is decentralized and psuedo-anonymous. So don't bother to think that SEC will approved bitcoin ETF now and in the future. They can't control it and bitcoin will not allow anyone controlling how it works.

[xdookiex]

SEC = Keeping old money safe from NEW MONEY.