Fun

News Feed - 2023-10-31 01:10:10

Tom Mitchelhill4 hours agoAre Bitcoin ETFs headed for one epic Gensler ‘rugpull?’ Analysts weigh inWhile unlikely, Bloomberg’s ETF analysts conceded there’s always a possibility that SEC Chair Gary Gensler could be waiting until the last moment to deny the flurry of pending spot Bitcoin ETF applications.4325 Total views20 Total sharesListen to article 0:00NewsJoin us on social networksThere’s a slim chance United States Securities and Exchange Commission Chair Gary Gensler could pull the plug on spot Bitcoin (BTC) exchange-traded funds (ETF) in one “amazingly sadistic” move, according to Bloomberg ETF analysts.


In an Oct. 31 tweet directed at senior Bloomberg ETF analysts James Seyffart and Eric Balchunas, ETF commentator Dave Nadig posed whether Gensler may be allowing for spot Bitcoin ETF applications to pile up just to deny them all at once in a “semi-comedic rug-pull.”


“I’m sure it will be much more boring than this -- but sometimes it does feel like this is all a setup for a giant Gensler semi-comedic rug-pull,” said Nadig.I"m sure it will be much more boring than this -- but sometimes it does feel like this is all a setup for a giant Gensler semi-comedic rug-pull.— Dave Nadig (@DaveNadig) October 30, 2023


Responding to the comment, Seyffart admitted that the thought of such a scenario has “lingered” in the back of his mind for weeks, if not months. “Would be absolutely epic on his part though,” he added.


Balchunas also piped in, describing a potential rug pull as “amazingly sadistic” and noting that it would probably “trigger [a] wave of lawsuits” in response.


However, while both analysts saw the scenario as quite unlikely, Balchunas conceded that a last-minute denial wasn’t entirely off the cards — part of the reason why he and Seyffart were hesitant to raise the odds of an approval to anything above 90%.


Related:First Bitcoin ETF trades $1.5B as GBTC ‘discount’ echoes $69K BTC price


Gensler’s own thoughts on a spot Bitcoin ETF have recently made their way into the spotlight, with a video from 2019 showing Gensler describing the SEC’s position on spot ETF products at the time as “inconsistent.”


The SEC has a storied history of denying spot Bitcoin ETF applications, a trend that first began in 2017.


This legacy has been carried on by Gensler since he was appointed head of the SEC in 2021. Since then, Gensler’s SEC has either delayed, denied or pushed back all applications for a spot Bitcoin ETF product, citing concerns with investor protections.


In June 2022, the Gensler-led SEC was sued by crypto asset manager Grayscale for rejecting its bid to convert its existing Bitcoin trust into a spot ETF, with a court ruling that the SEC was “arbitrary and capricious” to reject the application. The SEC did not appeal the decision.


To date, the SEC has only approved ETF applications for Bitcoin and Ether (ETH) futures products, as it claims that spot products do not have sufficient safeguards to protect investors from market manipulation.


Magazine:Beyond crypto — Zero-knowledge proofs show potential from voting to finance# Bitcoin# Cryptocurrencies# Bitcoin Price# SEC# ETF# Adoption# Bitcoin Futures# Regulation# Gary GenslerAdd reactionAdd reactionRead moreTerrorist fundraising: Is crypto really to blame?WSJ debacle fueled US lawmakers’ ill-informed crusade against cryptoWhy is the crypto market up today?

News Feed

India to Finalize Stance on Legality of Cryptocurrency by Q1 2023: Report
India to Finalize Stance on Legality of Cryptocurrency by Q1 2023: Report The Indian government is reportedly planning to finalize its stance on the legality of cryptocurrency by t
US Announces ‘Historic $3.36 Billion Cryptocurrency Seizure’ as Silk Road Bitcoin Thief Pleads Guilty
US Announces "Historic $3.36 Billion Cryptocurrency Seizure" as Silk Road Bitcoin Thief Pleads Guilty The man who stole over 50,000 bitcoins from the Silk Road marketplace has plea
Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling
Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling Shiba inu was one of Friday’s biggest gainers, as the meme coin remained close to a recent thr
Analyst Predicts Crypto Bull Market: $100K Bitcoin, $5K Ethereum Is Path of Least Resistance
Analyst Predicts Crypto Bull Market: $100K Bitcoin, $5K Ethereum Is Path of Least Resistance Bloomberg Intelligence senior commodity strategist Mike McGlone has affirmed his bitcoi
Amaka Nwaokocha15 hours agoCurve Finance vows to reimburse users after $62M hackThe platform said it would assess each impacted user for reimbursement.3891 Total views33 Total sharesListen to article 0:00NewsJoin us on s
Bitcoin trades sideways while TON, RNDR, PEPE and AR flash bullish signs
Rakesh Upadhyay2 hours agoBitcoin trades sideways while TON, RNDR, PEPE and AR flash bullish signsBitcoin price looks stuck in the near term, but TON, RNDR, PEPE and AR could surprise traders by making a strong upside mo
WazirX hacker funnels $149M, Hamster Kombat users face phishing attacks: Finance Redefined
Zoltan Vardai4 hours agoWazirX hacker funnels $149M, Hamster Kombat users face phishing attacks: Finance RedefinedThis week, hackers staged the second-largest crypto hack of 2024, stealing over $230 million, while other
Binance CEO Changpeng Zhao Believes Decentralization Is Part of a ‘Gradient Scale’
Binance CEO Changpeng Zhao Believes Decentralization Is Part of a "Gradient Scale" Changpeng Zhao, founder and CEO of Binance, the biggest cryptocurrency exchange by volumes traded
Major Ethereum Whale Dumps 10,000 ETH After 2 Years, Is It Time To Get Out?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Runes racks up over 2,500 BTC in fees under 2 months
Zoltan Vardai10 hours agoBitcoin Runes racks up over 2,500 BTC in fees under 2 monthsRunes-related transactions could extend a significant revenue boost for Bitcoin miners after the 2024 halving.2609 Total views2 Total s
Cryptowisser : Cryptocurrency Likely to Be More Environmentally Friendly Than Traditional Banks
Cryptowisser : Cryptocurrency Likely to Be More Environmentally Friendly Than Traditional Banks press release PRESS RELEASE. Leading Crypto service comparison site – Cryptowi
Tom Blackstone3 hours agoCardano stablecoin project gambled away investors’ money before rug: ReportArdana claimed to be creating a stablecoin platform on Cardano, but new evidence suggests it may have lost investors