Senators pressure SEC’s Gensler not to approve any more crypto ETFs

[shield132]

SEC Chair Gary Gensler was against Bitcoin SEC approval and he was trying his best to avoid it but the interest of Blackrock and pressure from outside forced him to take this decision and accept Bitcoin ETFs. Now senators pressure him not to approve any more crypto ETFs because it would expose investors to risks.

Ethereum is the most popular cryptocurrency after Bitcoin, and the Ethereum ETF application is awaiting the SEC's approval. What do you think, will the SEC approve Ethereum if there is a pressure from big corporations like BlackRock?

Read the news - https://cointelegraph.com/news/senators-urge-sec-gary-gensler-reject-further-crypto-etfs

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[Jating]

Oh ok, I think this could be the possible reasons why the prices suddenly goes down to $68k. But it's only 2 Senators though, and I think I wouldn't call it a pressure but it has created a lot of noises and maybe put selling pressures in the last 24 hours.

Do this two missed it? or they haven't accumulated yet? Lol.

And I think there could be political pressures now on SEC? Fraud and manipulation? How about those centuries wherein big banks in America has been accused of manipulation, given stiff penalties and yet they are still in the banking space? Double edge sword for this Senators.

[avikz]

Good news! I fully support this decision. If us or any other countries can decide not to approve any further crypto exchange traded fund, it will be great for the crypto community. Bitcoin will be saved from being a centralised instrument controlled by big financial corporations.

Bitcoin is not meant to become a tool for the corporates. It is a people's money and it should remain that way. More ETF means more corporates controlling more Bitcoins. Surely I wouldn't want that!

[hugeblack]

There is really nothing preventing Ethereum ETFs from being approved, and if they are not approved immediately, it may happen within 12 to 18 months, so it is a matter of time, but I do not expect more ETFs, especially since the majority of other cryptocurrencies do not have a solid base like Bitcoin and Ethereum, and I do not expect that. Mutual funds are enthusiastic about such assets, in addition to the possibility of purchasing them through services such as trusts or Grayscale.

[tyz]

There is really nothing preventing Ethereum ETFs from being approved, and if they are not approved immediately, it may happen within 12 to 18 months, so it is a matter of time, but I do not expect more ETFs, especially since the majority of other cryptocurrencies do not have a solid base like Bitcoin and Ethereum, and I do not expect that. Mutual funds are enthusiastic about such assets, in addition to the possibility of purchasing them through services such as trusts or Grayscale.

If the crypto ETFs are against the interests of the USA in the long term and if this would harm the USD as a world currency (which is not yet certain at the moment), then the USA will intervene sooner or later and, if necessary, introduce appropriate laws.

[Cookdata]

SEC Chair Gary Gensler was against Bitcoin SEC approval and he was trying his best to avoid it but the interest of Blackrock and pressure from outside forced him to take this decision and accept Bitcoin ETFs. Now senators pressure him not to approve any more crypto ETFs because it would expose investors to risks.

Ethereum is the most popular cryptocurrency after Bitcoin, and the Ethereum ETF application is awaiting the SEC's approval. What do you think, will the SEC approve Ethereum if there is a pressure from big corporations like BlackRock?

Read the news - https://cointelegraph.com/news/senators-urge-sec-gary-gensler-reject-further-crypto-etfs

As much as US senators can be annoying after seeing how they were attacking the CEO of tiktok and calling for ban of Tiktok completely, I think Blackrock is doing everything to milk all the US investors that are having interest in cryptocurrency. Their next target of ETF product is ethereum and if he lobby Garry Gensler more, he will one day approves anything brought to his table, he doesn't have any reputation other than get lobbied and then come online to say $hit about crypto.

The way the ETF are going will one day make crypto exchanges useless because people will trust them than the way they will trust centralized exchanges and don't be surprised, ETF platforms can plan their own coup to chase away centralized exchanges so that they can be the primary exchange that offer ETF option for people that want to invest in Bitcoin and ethereum. They ready have more than half a million under their custody, we don't know what tomorrow hold with this comparnies.

[hatshepsut93]

I doubt that insitutional investors are strongly interested in altcoin ETFs, because altcoins are poor investments - they don't have good fundamentals, they are just seasonal speculative trends and institutional investors aren't looking for that, they want something that can at least be generally predicted. Ethereum is the strongest altcoin but even it can easily fall into obscurity in a year or two when tokens will stop being popular, which is its only "use case".

[_BlackStar]

I doubt that insitutional investors are strongly interested in altcoin ETFs, because altcoins are poor investments - they don't have good fundamentals, they are just seasonal speculative trends and institutional investors aren't looking for that, they want something that can at least be generally predicted. Ethereum is the strongest altcoin but even it can easily fall into obscurity in a year or two when tokens will stop being popular, which is its only "use case".

This assumption is often mentioned by bitcoin maximalists - they are against altcoins and their future, but nevertheless altcoins like Ethereum can still be seen as having high prospects as profitable investment products. I'm not completely against an Ethereum ETF - it's probably useful for most investors, so perhaps there would be interest factors that would urge the SEC to approve it as well instead of just bitcoin.

I'm not the only one who owns bitcoin and Ethereum right now - so I'm definitely not against the SEC approving an ETF. I hope the SEC will consider an Ethereum ETF in the near future despite the insistence against it from Senators. All investment products are risky - so I'm probably going to ignore real use cases like bitcoin has a bit when we discuss altcoins.

[South Park]

Good news! I fully support this decision. If us or any other countries can decide not to approve any further crypto exchange traded fund, it will be great for the crypto community. Bitcoin will be saved from being a centralised instrument controlled by big financial corporations.

Bitcoin is not meant to become a tool for the corporates. It is a people's money and it should remain that way. More ETF means more corporates controlling more Bitcoins. Surely I wouldn't want that!

If money can be made then more ETFs will be approved, politicians despite their claims about being convinced of a particular ideology are in fact very pragmatic, many of them are heavily influenced by all kind of corporations, so the more money that it can be made, the more pressure they will receive to approve this, just as the SEC was pressured to approved a bitcoin ETF, so even if we do not like it, we need to prepare for a future in which most bitcoin is owned by corporations.

[Text]

The approval of a Bitcoin ETF despite initial resistance suggests that the SEC may be open to considering crypto ETFs, provided they meet stringent regulatory standards. Ethereum presents a compelling case for an ETF, given its widespread adoption and utility beyond just a store of value like Bitcoin. If the ETF application adequately addresses the concerns and demonstrates robust safeguards, there's a possibility of approval, regardless of external pressure. The SEC might wait to see how the Bitcoin ETF performs before giving the green light to others.

[fillippone]

I think that is a delusional Effort by the two senators, yet outline a clear truth: Gary Hensley I looking for a job after the SEC, and that job might very well be in Washington. He needs a sponsor, the democrats, or rather the "Warren Democrats"  to be elected.
o he will be super careful about not pissing them off.
So the to senators will be eventually right, but not for the reasons they suspect.

[xusxuquade]

the best and the best is not just any crypto is accepted. maybe those that are accepted BTC and ETH are already good and good. if all crypto is not all good crypto even scamers exist. even coins that have entered the big market like luna can sink. so ETFs must be very selective and strict.

[dothebeats]

If this is not approved, the landscape will not change much anyways. The SEC not approving any other ETFs in the mean time is honestly positive for crypto overall. It prevents huge organizations from slowly encroaching cryptospace and making everything a centralized financial instrument. Perhaps taking these approvals slowly is the name of the game and not approving them all at once.

[Argoo]

Oh ok, I think this could be the possible reasons why the prices suddenly goes down to $68k. But it's only 2 Senators though, and I think I wouldn't call it a pressure but it has created a lot of noises and maybe put selling pressures in the last 24 hours.

Prices have now fallen slightly in the cryptocurrency market due to the fact that the time of price correction is coming. Bitcoin has actually been continuously rising in price since October last year and there are now many whales, and ordinary investors, who are trying to lock in their profits.

As for the possibility of approval of Ethereum-ETF spot exchange-traded funds, they will most likely be approved, if not in May, then a little later. The SEC's approval of the Bitcoin ETF was largely forced by the courts, which ruled against its director's position. This process has begun and therefore the SEC will no longer have the opportunity to reasonably resist. Moreover, Bitcoin ETFs indicate increased demand for them from investors. Therefore, the approval of ETF-Ethereum is only a matter of time.

[kryptqnick]

Bitcoin ETFs took many years to finally get approved, and Bitcoin is the #1 cryptocurrency by market capitalization and perhaps by trustworthiness as well. Ethereum is a decent currency, a strong #2. But it's pretty different from Bitcoin, and I don't know whether it makes its approval chance higher or lower, to be honest. On the one hand, it's good and reputable. On the other hand, Ethereum became a major platform for various ICOs, various scams. Considering how long Bitcoin ETFs took and how recently we got their first approvals, I think that more time should pass to actually see the full impact of that decision before any further approvals.

[tabas]

I think that there's also someone or some big authority that's pressuring these senators that are suggesting Gensler to block the approval of the rest of the crypto ETF proposals. Most of them have their own interest and if they're saying that this is to avoid the exposure of people from risks, I don't even think that if this suggestion is coming from them, they're just trying to get into the line since the talks about election is already there and whoever they are supporting for their parties. While I am not really in favor of any other ETF than Bitcoin but if there's nothing found for the SEC to decline it, they should be rightful to any decision based on their standards and procedures for approving one.

[Kelward]

There is really nothing preventing Ethereum ETFs from being approved, and if they are not approved immediately, it may happen within 12 to 18 months, so it is a matter of time, but I do not expect more ETFs, especially since the majority of other cryptocurrencies do not have a solid base like Bitcoin and Ethereum, and I do not expect that. Mutual funds are enthusiastic about such assets, in addition to the possibility of purchasing them through services such as trusts or Grayscale.

I'm also hopeful that Ethereum ETF will be approved sometime within the timeframe that you're predicting, because it has a solid base like Bitcoin, and considering the hurdles before Bitcoin was approved, I think that Ethereum, will overcome any obstacles and be approved too. After when Ethereum, is hopefully approved, I don't look forward to other approvals, atleast not in the near future, like Solana and BNB, that are in the pipeline for approvals too, so that the ETF doesn't lose value, because as they keep approving more will be positioning to be approved too.

[Bobrox]

Ethereum have been waiting list altcoin will get ETF approval and the rumor published after success Bitcoin ETF approval, I can't speculated will be true or not with Ethereum become ETF approval coins because need waiting more several longer time than our expected.
Believe or not, Ethereum keep in the higher price with or not get ETF approval, actually its not really requirement with Ethereum ETF approval because ETH keep confidence raise the higher price and currently almost success break the new all time high price.

Learned with bitcoin after first time announcing with ETF approval and get down drastically I think Ethereum not really require for getting ETF approval we know how big risk waiting for later and many manipulation will make Ethereum price drop drastically.

[Die_empty]

If this is not approved, the landscape will not change much anyways. The SEC not approving any other ETFs in the mean time is honestly positive for crypto overall. It prevents huge organizations from slowly encroaching cryptospace and making everything a centralized financial instrument. Perhaps taking these approvals slowly is the name of the game and not approving them all at once.

These senators are scared that some pump-and-dump coins can also apply for ETF approval which will expose investors to high risk. Bitcoin might be volatile but it has proved over the years to be consistent and solid, we cannot say the same for other coins that might seek ETF approval. These legislators want to ensure that the SEC ensures that only trusted coins are given such approval, hence there I a need to pause approval for now.

I'm also hopeful that Ethereum ETF will be approved sometime within the timeframe that you're predicting, because it has a solid base like Bitcoin, and considering the hurdles before Bitcoin was approved, I think that Ethereum, will overcome any obstacles and be approved too. After when Ethereum, is hopefully approved, I don't look forward to other approvals, atleast not in the near future, like Solana and BNB, that are in the pipeline for approvals too, so that the ETF doesn't lose value, because as they keep approving more will be positioning to be approved too.

I support the approval of Spot ETF for Ethereum because it is the next reliable coin after Bitcoin. The SEC should consider approving it but other coins might expose investors to risk, hence the SEC needs to be careful.

[DrBeer]

SEC Chair Gary Gensler was against Bitcoin SEC approval and he was trying his best to avoid it but the interest of Blackrock and pressure from outside forced him to take this decision and accept Bitcoin ETFs. Now senators pressure him not to approve any more crypto ETFs because it would expose investors to risks.

Ethereum is the most popular cryptocurrency after Bitcoin, and the Ethereum ETF application is awaiting the SEC's approval. What do you think, will the SEC approve Ethereum if there is a pressure from big corporations like BlackRock?

Read the news - https://cointelegraph.com/news/senators-urge-sec-gary-gensler-reject-further-crypto-etfs

They can demand it, but.... American law and courts of course have their own "tricks", but ... You can't just call and say "Ban it because you can't, because someone doesn't like it". In order to ban - you must first prove contradiction to the legal framework. And then there's case law. This is about the fact that the ETF Bitcoin allowed - why not allow / prohibit the same decision for Efirium !?? So most likely they will have to allow it, or try to prevent it for a very long and ineffective time. But it will not end in favor of SEC and those who want to ban it