Former SEC Chair Says Bitcoin ETF Should be Approved

[bbc.reporter]

It was a mistake for me to dismiss when someone created a thread about BlackRock's ETF filing. I thought it was the mainstream news media running out of stories about crypto. It was really BlackRock starting the real ETF storyline hehehe. Did anyone also notice Forbes magazine has suddenly become supportive for bitcoin?

In any case, it will begin with 1 ETF approval then it will be a cascade of other approvals. Slowly then suddenly hehehe. I speculate that we might witness one of the biggest pumps on bitcoin once BlackRock and the other institutional investment funds twap into bitcoin.



In a recent interview with CNBC, former SEC chair Jay Clayton said a Bitcoin ETF approval would be “hard to resist.” Moreover, Clayton shared his perspective on how far the digital asset industry has come, and why developing regulatory standing would make an approval favorable.

In recent weeks, a host of traditional financial institutions have come forward with Spot Bitcoin ETF filings. Among those are asset management behemoths like BlackRock and Fidelity, which each submitted their proposals within the last month. Now, the industry awaits the SEC’s decision on what would be their first approval of the like.

Read in full https://watcher.guru/news/former-sec-chair-says-bitcoin-etf-should-be-approved

[SeriouslyGiveaway]

Debunk the fud against Bitcoin which is more environmental friendly than many industries and nations.

https://bitcoincleanup.com/
https://endthefud.org/energy
Bitcoin Mining Council Briefing Update.

[Fundamentals Of]

The pressure is now real. The SEC will probably be thinking twice in rejecting the application coming from no less than BlackRock itself. This financial institution isn't like anything else. This is BlackRock, the largest asset manager in the world. This isn't just another financial platform trying to convince the SEC that Bitcoin ETF is something the US should have. This now is a multi-trillion international investment company.

We're not even speaking of how powerful and influential it is especially behind the scene.

[GreatArkansas]

It was a mistake for me to dismiss when someone created a thread about BlackRock's ETF filing. I thought it was the mainstream news media running out of stories about crypto. It was really BlackRock starting the real ETF storyline hehehe. Did anyone also notice Forbes magazine has suddenly become supportive for bitcoin?
(....)

Kinda bandwagon but I believe since they are media companies, for what is a trend, they are there because that's what is their job is, they need to get attention of the people and right now, this is kinda trending on the cryptocurrency market and here they are, praising bitcoin.

[bittraffic]

The only condition I think the SEC wants is for exchanges to be transparent which is coinbase. They may be concern about manipulation and inside trading. Sounds very ironic really. But we do know Blackrock always has the back of the government, it will be approved I think they've already refiled.

Coinbase stock bounce high after the ETF announcement since last month.

[bbc.reporter]

It was a mistake for me to dismiss when someone created a thread about BlackRock's ETF filing. I thought it was the mainstream news media running out of stories about crypto. It was really BlackRock starting the real ETF storyline hehehe. Did anyone also notice Forbes magazine has suddenly become supportive for bitcoin?
(....)

Kinda bandwagon but I believe since they are media companies, for what is a trend, they are there because that's what is their job is, they need to get attention of the people and right now, this is kinda trending on the cryptocurrency market and here they are, praising bitcoin.

That was what I speculated which was why I dismissed the news someone shared last month and asked why is mainstream news media reviving an old storyline from 2020-2021. This new ETF storyline might be BlackRock. It is head shaking to think that Forbes magazine suddenly became bitcoin supporters. Someone is behind this, I reckon.

[DapanasFruit]

I am really hoping that eventually the application for Bitcoin ETF by Blackrock will be approved by the concerned agency...and that there will be no more excuses so they can delay the said thing. Otherwise, this can be a very good opportunity missed by the USA. We know that right now, SEC is waging a "war" with cryptocurrency players...without even laying down the clarity on regulations first which is to me kinda of absurd. Hopefully, the approval of BTC ETC can open up more possibilities and opportunities for the crypto industry - an industry that is so willing to work with the government and not against it.

[aoluain]

It was a mistake for me to dismiss when someone created a thread about BlackRock's ETF filing. I thought it was the mainstream news media running out of stories about crypto. It was really BlackRock starting the real ETF storyline hehehe. Did anyone also notice Forbes magazine has suddenly become supportive for bitcoin?
(....)

Kinda bandwagon but I believe since they are media companies, for what is a trend, they are there because that's what is their job is, they need to get attention of the people and right now, this is kinda trending on the cryptocurrency market and here they are, praising bitcoin.

Might be bandwagon but it could also be realism. They could very well have woken
up to the fact that there isnt an appetite anymore for the general linking of Bitcoin to
crime, scams and the "waste of energy" used in mining.

The fact that the largest asset management company has filed for a Bitcoin ETF only
proves this. Those negative arguments have run their course and lost, we are moving
forward it seems. An ETF approval will be the confirmation.

 

[tabas]

I've thought that most of those positive articles made by companies like Forbes and others are paid.

In any case, it will begin with 1 ETF approval then it will be a cascade of other approvals. Slowly then suddenly hehehe. I speculate that we might witness one of the biggest pumps on bitcoin once BlackRock and the other institutional investment funds twap into bitcoin.

Yes, I agree! It only takes 1 approval and then the rest is history. They're all coming up and connecting to what we're all thinking about the next upcoming bull run. While I've seen that the CEO of BlackRock is now bullish on Bitcoin, we can just let the past be in the past as that's what the others are arguing about him. People changes and their beliefs as well.

[bbc.reporter]

@tabas. On people changing their assumptions and beliefs, I agree. However, I will also agree that Larry Fink will say anything about things that he does not believe in if he can make billions of dollars from them hehehe.

Do not make the mistake in celebrating that he is here for bitcoin. He is here for money. It should also not be shocking for us if he begins shilling for altcoins during the next years.

[tabas]

@tabas. On people changing their assumptions and beliefs, I agree. However, I will also agree that Larry Fink will say anything about things that he does not believe in if he can make billions of dollars from them hehehe.

Well, if money is being placed upon him just to say such things that he doesn't believe. Then, for sure that he's in.

Do not make the mistake in celebrating that he is here for bitcoin. He is here for money. It should also not be shocking for us if he begins shilling for altcoins during the next years.

That's possible for sure. Right now, as if he's using the market, the market and the people will also use his stance. As it's like a give and take on it and if he change his drive going with the shilling with some altcoins, then that's showing his true colors. I remember that JP Morgan has something like this as well before and that's like with their own altcoin but that didn't get a lot of attention.

[bbc.reporter]

News update.

There are some speculations in social media that uncle Gary might use the ETF approval as something to force Coinbase to be more transparent in how they operate the exchange if they are to be the surveillance sharing partner of BlackRock and Fidelity.

If the speculations are correct, I reckon the approval might take longer than expected because Brian Armstrong might have something to hide hehehe.



Securities and Exchange Commission Chair Gary Gensler pushed back on calls from the crypto industry to recuse himself from making certain crypto-related decisions, saying he is “fully compliant” with the law. 

“I take an oath, along with my fellow commissioners, to enforce the law that Congress passed and how the courts interpret it,” Gensler said during a media availability following a commission meeting related to rulemaking on money market funds and broker-dealers on Wednesday.

Gensler declined to go into specific ETF filing, but repeated a broader concern of U.S. financial regulators that crypto exchanges tend to operate “a bunch of conflicted services,” a concern that the agency highlighted as part of its rationale for an enforcement action against Coinbase. 

“What that means is they could be trading directly against you and market making against you which you would not see, or hope to see on the New York Stock Exchange or NASDAQ,” Gensler said.

Source https://www.theblock.co/post/239254/secs-gensler-pushes-back-on-industrys-call-to-recuse-from-crypto-actions

[Liliana1304]

News update.

There are some speculations in social media that uncle Gary might use the ETF approval as something to force Coinbase to be more transparent in how they operate the exchange if they are to be the surveillance sharing partner of BlackRock and Fidelity.

Can he really do that, though? Coinbase seems to play an integral role in Bitcoin market in the US, having roughly 56% of dollar bitcoin trading.
Granted, they believe that Coinbase can't be trusted since they lack transparency hence the lawsuit they were slapped with but I doubt that's the main reason.
Meanwhile Galaxy CEO has a strong feeling that adoption of Bitcoin ETFs can be possible especially as BlackRock have filed for a spot.

[DeathAngel]

Part of me just thinks Blackrock wouldn’t have applied for an ETF to be managed by them if they thought it would fail. I mean it’s so corrupt but it wouldn’t surprise me if they had assurances on this prior to filing. We’ll see what happens but surely if the Blackrock one gets approved then they have to approve others. It could be very bullish for the price.

[kryptqnick]

BlackRock is a huge investment company, so I'm sure they have plenty of resources to promote their situation and try getting an approval. That can mean using connections to push favourable articles into the media, creating a perception that an approval is just around the corner, which can put additional pressure upon the SEC. I don't see why they wouldn't be able to pull some strings, find people who'd speak up positively about their ETF. But IMO all that doesn't mean that they'll actually get an approval. I still think the SEC isn't willing to review their policy, but if BlackRock manages to succeed, I agree that other ETFs can easily follow, and the SEC's approval could drive the market up significantly.

[bayudndy]

I'm also very interested in the subject of ETFs, and I really feel we're drawing more attention to this issue. And it is possible that the price will fluctuate a lot when the news revolves around the ETF, we can look back a bit to the past few weeks from the statements that came out and cause the change to be quite dizzying. with many people when the price of btc rises and falls quite sharply. But I believe over time, this will also be a part of the main reason to pull a big upward force to happen, not only that, next time will also be a time when I think there will be strong fluctuations in the market. market when we also know that some events are really big.

[Flexystar]

A fully operation exchange trade fund from BlackRock or any other financial institute can really set a hall mark on the SEC's decision. Who knows we will start loving the SEC decisions in future because they would be ideally accepting the Bitcoin futures contract too.  
I am not sure what they are waiting for because in any sense every other financial institute would be following giants like BlackRock and send more applications to them.

The fact that SEC is still stubborn about their decisions of not accepting the Bitcoin is mind wobbling. They already know Bitcoin is being exchanged on hundreds of big and small exchanger already around the globe. They know that it can not be stopped because even with the exchange license provided by respective government allows the operation of exchanging Bitcoin in the current asset format. So why is the big buzz from SEC is question mark.

[pawanjain]

It's really a huge thing for the crypto community because this one approval can create a massive pump in bitcoin price all together.
The long awaited bull run can kick off, taking a huge surge in price. I guess it's more about when than if now.
What I am wondering is what would happen if the SEC rejects the application from Black Rock.
Does anyone has any thoughts ?

[teosanru]

I have seen this ETF thing flying around from so much time now almost more than 5 years, but nothing concrete has really happened on it so far. But yes this time when it comes from blackrock it's pretty hard to deny the approval of this. Also after series of setback to SEC they have even lost their case against XRP today so I think their perspective towards crypto could change and become a little more softer now.

[thecodebear]

Doesn't matter what former SEC Chair says. The current chair is entirely antagonistic against Bitcoin. He hates it and thinks it shouldn't exist and won't do anything to help it flourish in America. No ETF is happening until Gensler is gone, which is a few years away. Unless Congress threatens to fire Gensler or restructure the power of SEC heads, all this talk of ETFs happening anytime soon is just silly.

Yes an ETF should be approved. No it won't happen as long as Gensler is SEC Chair.