Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF
Bitcoin Bull Max Keizer The Securities and Exchange Commission (SEC) said it was “unconscientious” to continue refusing applications, and expressed his view on the lack of Spot BTC exchange-traded funds (ETFs) in the United States.
Bitcoin Shorts and Futures ETF Approved
June 20 ProShares Announced the rollout of the first US Short Bitcoin Link ETF called the ProShares Short Bitcoin Strategy ETF traded under Ticker BITI.
ProShares CEO Michael L. Sapir said recent market volatility indicates that Bitcoin’s value may decline. BITI allows US investors to gain short-term exposure through traditional securities accounts.
“BITI offers investors who believe that Bitcoin prices will fall, the opportunity to potentially make a profit or hedge their holdings of cryptocurrencies.”
In October 2021, ProShares first launched a Bitcoin-linked futures ETF and traded under Ticker. BITO.. Since then, Valkyrie, VanEck, GlobalXWhen Teucrium Similar products are on sale.
Futures ETFs are based on Futures contractIs a financial derivative agreement based on the obligation to buy and sell at a given future date and price and may differ from the spot price.
Usually futures Cash settlement The transfer of the underlying asset is not settled by physical delivery at the end of the contract. As a result, futures are claimed to tend to favor speculators.
Comment on approval of short-term and futures ETFs, grayscale trusts and annuity products, but not spot ETFs, analysts Clemente The SEC said it has an agenda for Bitcoin.
So, we currently have SHORT Bitcoin ETFs, Futures ETFs, closed-end funds that trade at discounts of 30% or more, and Bitcoin 401K options, but no spot ETFs.
Is obvious @GaryGensler The SEC has an agenda for Bitcoin.
— Clemente (@ WClementeIII) June 20, 2022
Kaiser criticizes Gary Gensler and the SEC
Talk to Anthony Pumpriano at the best business show, Kaiser Futures ETFs said they were “notorious and scary” and “almost non-functional.”
“By allowing things like futures Bitcoin ETFs to exist, futures-based ETFs are notoriously scary. They are almost non-functional, unsuitable for retail, and institutions. Also not suitable. “
He went on to call for the SEC’s legitimacy to reject Spot ETF products.Fallacy.. Specifically, Keizer quoted the SEC’s claim that Bitcoin has no true price discovery.
The SEC also provides a list of other reasons. For example, November 2021 agency VanEck writes that he failed to meet his obligations under the Securities and Exchange Law and the Commission’s rules of practice. Therefore, investors lacked protection against fraud and manipulation.
Kaiser questioned who the SEC is working for and suggested that the authorities’ actions are inconsistent with organizations that want a fair and transparent market. He further suggested that the lack of spot ETFs could be due to possible corruption.
“To me, it seems like an element of corruption here. Obviously, many people don’t want to succeed because Bitcoin challenges them and challenges the banking system. What is it? Is it happening? “
