Gary Gensler WAS DECIDING VOTE IN SEC SPOT $BTC ETF APPROVAL

[freedomno1]

Hold your allies close but your enemies closer? Or was Gary on our Side??

Source: https://www.sec.gov/about/commission-votes/2024/commission-votes-2024-01.xml

On the secondary topic the market sure tanked

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[coolcoinz]

I don't know why they'd vote against, knowing that it would mean a number of lawsuits that they'd most likely lose and have to cough up some money and apologies? They lost a case, did not appeal which means they knew it was a lost cause. It's rare for the government to give up unless they know they don't have anything to support the claim. I read a few articles by lawyers who said that the SEC has now only 2 options. They can either approve a spot ETF, or they can admit to being wrong in the first place and cancel approval for futures ETF. In both cases it would mean the companies would take them to court and win again because futures ETF was trading with no issues since 2018 so there's no way for the SEC to claim that the market is too dangerous to investors.

On the secondary topic the market sure tanked

I don't care about ups and downs as long as they remain proportional. If we go +10% up on a given day and then 10% down on the next, it literally means nothing to me. On the average we were at 45.8k yesterday and over $46k now. That's a pump if you're looking at it on the daily like I do. Pump or no pump, bitcoin is going up in the long run.

[franky1]

I don't know why they'd vote against, knowing that it would mean a number of lawsuits

only ark21 had final deadline on the 10th
ark21 could have been made to wait another month (without acceleration)
they other dozen could not have sued

to get all dozen approved and accelerated is best case.. not minimum expectation to avoid lawsuits

[coolcoinz]

But in such case ARK would sue since it was their final deadline and they'd probably accept the others on the 15th. It would be stupid of the SEC to deny 1 applicant and approve the rest a few days later if all of them wanted the same thing, which is why I'm a bit surprised that 2 people voted to deny. Maybe they wanted this to look like a split decision for the media?

I'm sure there's more to it than we know from the media. For instance, the SEC allows companies to snitch on each other and pays them some of the profits from fines if the information leads to such fine.
Therefore the SEC allows these companies to manipulate the market. Company A gets some information about shady tactics at company B for instance from a former employee. That employee gets paid for snitching, company A reports to the SEC. The SEC checks the information and contacts company A about planned enforcement. Company A shorts B stock with leverage. The SEC goes public with the investigation, the stock falls. If B is found not guilty, A gets to keep profit from shorts. If B is found guilty, its the money from shorts plus the SEC pays A for the tip. A win - win situation for the snitch.

[franky1]

But in such case ARK would sue since it was their final deadline and they'd probably accept the others on the 15th. It would be stupid of the SEC to deny 1 applicant and approve the rest a few days later if all of them wanted the same thing, which is why I'm a bit surprised that 2 people voted to deny. Maybe they wanted this to look like a split decision for the media?

firstly ark21 was the only january final deadline (legal repurcussions)
blackrock, bitwise vaneck, wisdomtree, investco, fidelity, valkery had final deadline set for march
globalX final deadline set for april
hashex final deadline set for may

note how hashdex had a mid deadline of jan 1st. but didnt shout lawsuit due to no decision on jan 1st
note how globalX had a mid deadline of november2023. but didnt shout lawsuit due to no decision in november


secondly
in politics you can never tell via what media say. most of politics is bribed lobbying and siding with your group even if you disagree

I'm sure there's more to it than we know from the media. For instance, the SEC allows companies to snitch on each other and pays them some of the profits from fines if the information leads to such fine.
Therefore the SEC allows these companies to manipulate the market. Company A gets some information about shady tactics at company B for instance from a former employee. That employee gets paid for snitching, company A reports to the SEC. The SEC checks the information and contacts company A about planned enforcement. Company A shorts B stock with leverage. The SEC goes public with the investigation, the stock falls. If B is found not guilty, A gets to keep profit from shorts. If B is found guilty, its the money from shorts plus the SEC pays A for the tip. A win - win situation for the snitch.

as for manipulation and such

the SEC is not a pre-crime investigator. they are not pro-active.. they are a reactive.
they wait for reports after the fact and then investigate

in short.
a. you are innocent until proven guilty
b. you are only investigated if caught

meaning its only a crime if you are caught

..
its literally what regulations are
if a MSB does laundering for a criminal without report it. the criminal can get away with it if no one finds out
however if criminal act is found out, the MSB also gets law thrown at them for not reporting it

so if a MSB reports on the criminal the criminal gets caught. but the MSB is not fined for facilitating it because they reported on the criminal, the MSB gets rewarded for informing on the criminal

[adaseb]

I think after the Grayscale court case, he had pretty much no choice. Look at how many people wanted him to resign. If he voted no, he knows that everybody would be against him and make his job hell so he voted yes.

He just put that disclaimer that he is against bitcoin and crypto personally and that to invest at your risks. Either way I don’t think he will remain in office for long. After all this etf fiasco that happened for the past week, makes the sec look like a big joke.

[tread93]

But in such case ARK would sue since it was their final deadline and they'd probably accept the others on the 15th. It would be stupid of the SEC to deny 1 applicant and approve the rest a few days later if all of them wanted the same thing, which is why I'm a bit surprised that 2 people voted to deny. Maybe they wanted this to look like a split decision for the media?

I'm sure there's more to it than we know from the media. For instance, the SEC allows companies to snitch on each other and pays them some of the profits from fines if the information leads to such fine.
Therefore the SEC allows these companies to manipulate the market. Company A gets some information about shady tactics at company B for instance from a former employee. That employee gets paid for snitching, company A reports to the SEC. The SEC checks the information and contacts company A about planned enforcement. Company A shorts B stock with leverage. The SEC goes public with the investigation, the stock falls. If B is found not guilty, A gets to keep profit from shorts. If B is found guilty, its the money from shorts plus the SEC pays A for the tip. A win - win situation for the snitch.

Man, is this really how it works? Thats insane, how do I get in on this? LMFAO JK. That is seriously no suprising though, the SEC has deep pockets and they get to regulate everything so i'm sure if you have friends at the very top you can practically get away with murder. Its also pretty wild that such a decision like this was basically up to a very few amount of people that pretty much hate BTC with a passion.

[coolcoinz]

firstly ark21 was the only january final deadline (legal repurcussions)
blackrock, bitwise vaneck, wisdomtree, investco, fidelity, valkery had final deadline set for march
globalX final deadline set for april
hashex final deadline set for may

It was possible for the SEC to ask ARK to reapply, so that they could get a March deadline along with Blackrock and the rest, then delay other funds on January 15, move them to March and then approve them, but what would that change for the SEC? They'd get more paperwork to review when it was clear that they'd eventually have to approve them or get sued. The way I see it, Gensler knew that and wanted it all over sooner than later.

They were denying ETFs before because that was the official stance of the party and Biden administration, especially after the FTX drama, but Gensler was put between a rock and a hard place. On one hand he was destroyed in court and later in Congress, did not apply the case against Grayscale, so he took a big L, knew he'd lose against BlackRock if he denied the ETF, so he wanted to do by his masters, but also did not want the SEC to be humiliated in court once again, which is why he voted the way he voted.

they wait for reports after the fact and then investigate

They act on reports from whistleblowers. These aren't investigators but normal people who usually don't do it out of the goodness of heart but want to destroy either their own company, or competition and make some money in the process.

Man, is this really how it works? Thats insane, how do I get in on this? LMFAO JK. That is seriously no suprising though, the SEC has deep pockets and they get to regulate everything so i'm sure if you have friends at the very top you can practically get away with murder. Its also pretty wild that such a decision like this was basically up to a very few amount of people that pretty much hate BTC with a passion.

Yes, check this out:

May 5, 2023 —
The Securities and Exchange Commission today announced the largest-ever award, nearly $279 million, to a whistleblower whose information and assistance led to the successful enforcement of SEC and related actions. This is the highest award in the SEC’s whistleblower program’s history, more than doubling the $114 million whistleblower award the SEC issued in October 2020.
https://www.sec.gov/news/press-release/2023-89

[tread93]

firstly ark21 was the only january final deadline (legal repurcussions)
blackrock, bitwise vaneck, wisdomtree, investco, fidelity, valkery had final deadline set for march
globalX final deadline set for april
hashex final deadline set for may

It was possible for the SEC to ask ARK to reapply, so that they could get a March deadline along with Blackrock and the rest, then delay other funds on January 15, move them to March and then approve them, but what would that change for the SEC? They'd get more paperwork to review when it was clear that they'd eventually have to approve them or get sued. The way I see it, Gensler knew that and wanted it all over sooner than later.

They were denying ETFs before because that was the official stance of the party and Biden administration, especially after the FTX drama, but Gensler was put between a rock and a hard place. On one hand he was destroyed in court and later in Congress, did not apply the case against Grayscale, so he took a big L, knew he'd lose against BlackRock if he denied the ETF, so he wanted to do by his masters, but also did not want the SEC to be humiliated in court once again, which is why he voted the way he voted.

they wait for reports after the fact and then investigate

They act on reports from whistleblowers. These aren't investigators but normal people who usually don't do it out of the goodness of heart but want to destroy either their own company, or competition and make some money in the process.

Man, is this really how it works? Thats insane, how do I get in on this? LMFAO JK. That is seriously no suprising though, the SEC has deep pockets and they get to regulate everything so i'm sure if you have friends at the very top you can practically get away with murder. Its also pretty wild that such a decision like this was basically up to a very few amount of people that pretty much hate BTC with a passion.

Yes, check this out:

May 5, 2023 —
The Securities and Exchange Commission today announced the largest-ever award, nearly $279 million, to a whistleblower whose information and assistance led to the successful enforcement of SEC and related actions. This is the highest award in the SEC’s whistleblower program’s history, more than doubling the $114 million whistleblower award the SEC issued in October 2020.
https://www.sec.gov/news/press-release/2023-89

Wow. It really pays to cooperate with the SEC if you have Intel Into a huge operation that can lead to bad actor and shady business tactics . They tout the incentive and how successful that program of theirs is, very interesting, the reward is chump change to what they seized too.

[thecodebear]

Hold your allies close but your enemies closer? Or was Gary on our Side??

Source: https://www.sec.gov/about/commission-votes/2024/commission-votes-2024-01.xml

On the secondary topic the market sure tanked

Gensler hates Bitcoin (he's made that clear over and over and over again the past 3 years) but he knew if the SEC rejected Bitcoin ETFs again the SEC and Gensler personally would be entering a legal and political storm. He didn't have much choice but to vote against his own personal agenda.