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

[Yogee]

[....]because it would expose OLD SCHOOL investors to risks.

Fixed it hehe.

All I can see is that these senators and their campaign sponsors or "buddies" are still moving into crypto and they want to halt the impending pump of these coins as a result of the ETF approval. It's not like SEC will simply approve some random pump and dump coins.

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[Casdinyard]

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!

I'm not sure you get the idea here. ETFs aren't necessarily causing bitcoin's decentralization, cause if that was the case then it would've been decentralized years ago from the sole fact that MicroStrategy is buying off everyone's crypto holdings since 2014 if I'm not mistaken.

Furthermore, ETFs aren't necessarily selling these people bitcoin, yes the investment firms hold a substantial amount of bitcoin to support their buyers but at the end of the day, these schmucks aren't getting anything besides a paper that says they hold "this much bitcoin in BlackRock's keep", which doesn't really inspire confidence especially if you're someone who's been in and out of the crypto industry already. It's not becoming a tool for the corporate, it's becoming a full-fledged financial tool as it was meant to be years ago. You gotta understand that if you're asking for global adoption here, you're also going to have to deal with companies and corporate agencies wanting to have a piece of the pie, and in my opinion that's okay than this industry becoming a joke outside in and a small group of people who understands only themselves and no one else.

[Mrbluntzy]

As long as Bitcoin EFT have been approved, Ethereum ETF will also get approved sooner or later and that might be the only two crypto currency that is best for ETF. Crypto investment is a risk, not only crypto but every other asset that has the possibility of constantly experiencing a changes in price, I read many people comment on this forum telling others to learn about any asset they want to investe in. With ETF or without ETF, cypto remains a very volatile asset and investors should agree to accept the risk before investing.

[oktana]

I did mention before now that approving any more ETFs should take time because Bitcoin ETF just got approved and it needs to play well for them to have the trust to keep going. They definitely wouldn’t want to make a decision that they would regret later. If they don’t slow down, from Bitcoin ETF to that of Ethereum, and maybe they’ll see more reasons to keep going. If rejecting Ethereum ETF means they are taking it slow and steady, then that’s fine. If everything goes well, they’ll approve it sooner or later.

[moneystery]

i think that it's just drama, they pretend to reject ethereum etf, or crypto in the form of other etfs, but in the end they will still accept it, because it is money, who doesn't want money? moreover, senate members also have their own interests and as long as blackrock and other etf providers are willing to pay them a number of benefits, it will be impossible for them to change course and instead support ethereum etf. it was only a matter of time for that to happen.

[electronicash]

i think that it's just drama, they pretend to reject ethereum etf, or crypto in the form of other etfs, but in the end they will still accept it, because it is money, who doesn't want money? moreover, senate members also have their own interests and as long as blackrock and other etf providers are willing to pay them a number of benefits, it will be impossible for them to change course and instead support ethereum etf. it was only a matter of time for that to happen.

it's all just an act. if they say it could be approved by the date, everybody will be buying ETH right now and the price will skyrocket before it's even approved. it's not gonna look good for the traders within the institutions.

what they could just do is Gensler rejecting them. but I'm guessing Vanguard, BlackRock and all the rest have been buying ETH as well that's why the price already touched 4k. i think the ETFs will be approved in May.

[bangjoe]

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

If we talk about the risk of all the stocks and or derivatives that exist it is a risk pool in the financial world, we don't know if the company will go bankrupt or whatever it is that will happen in the future with its value center, so the BTC ETF decision is very good for people who can't hold their own BTC, IMO.

And I'm pretty sure ETH is the second viable candidate for ETF trading, after all ETH has tremendous intrinsic value in the crypto market and we call it a bluechip as a smart contract pioneer, I'm pretty sure eventually Garry Gensler will also accept ETH ETF for trading but it may still take time, we know that Bitcoin alone took a very long time to get approval from the SEC to trade spot ETF.

[Fortify]

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?

Just having one approved is all the start it needs. If it is able to keep going for weeks, months and years - it will inevitably lead to more coming on to the market, because it shows there is demand which can prop it up and it might actually reduce the volatility in bitcoin as it reaches higher numbers. Even if no more ETF's get approved in the short term, I would expect other companies like Vanguard to come along and try to emulate the existing Bitcoin one and the SEC would be enforcing a monopoly unless they approved it. It's possible the Ethereum ETF gets rejected, just to appease some stuffy old politicians, but it would be a small price to pay for the Bitcoin one going from strength to strength, and it could be attempted again later.

[Hispo]

Lawmakers saying they are worried about risk and the market is quite interesting if you ask me. We could argue they must feel scared of what could happen to the North American Markets when the bear market within the cryptocurrency market starts and investors started to see all their investment decreasing in value at a very rapid pace.
Volatility within the value of Bitcoin and Ethereum is not the same one can see with stocks, for example, so one can understand how those lawmakers are worried about how an over exposure of the public to this assets/investment tools could make millions of people to loose their savings.
Though, if you want my opinion, it would be just matter of time because the ETF for Ethereum gets approved, because of the pressure of the big companies and eager investors, looking to capitalize of this bull market we are witnessing right now.

The crypto market is not for everyone though, that is something I keep in mind when I see some steps into bigger adoption for those who have never interacted with BTC or Ether, one needs to be ready to witness much volatility and not only upwards.

[philipma1957]

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

well eth is pos

btc is pow


eth has zero infrastructure not in complete control of a hand full of people.

Mr V. has spent some time with Putin publicly all reasons to say eth is a piece of shit.

time will tell as to how long the usa can prop up th dollar.

grab some popcorn and watch the show.

[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

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

To be fair, I don't like to get more ETFs approved for a long time. Recent ETF approval process showed how easy it is to speculate Bitcoin and SEC chair was really right when he said it's an easily speculated coin. SEC is also another problem, they intentionally leaked the ETF approval post to manipulate the market and probably they made money in this process or if it's true what they claimed about twitter account hack, then they are too stupid.

At the moment I think that if Blackrock, Vanguard and similar organizations demand any process, it will be fulfilled. Blackrock plays with billions of dollars and I believe these mega-corporations control the world and not some old men sitting in chairs. It's a pity for me to see how rich people play with cryptocurrencies.

[DeathAngel]

Bitcoin is decentralised, not controlled by any one entity. It’s part of the reason why it’s unlikely to see any other crypto spot etf approved any time soon. I actually don’t think others should he approved, how do you approve a spot etf for a coin or token like ethereum when it’s largely controlled by one individual who can burn active supply coins at any time? It’s too open for manipulation & it’s why the SEC is unlikely to be in a rush to approve any others.