- Winklevoss blames the SEC for rejecting the Bitcoin ETF.
- The SEC’s denial pushed traders in the direction of dangerous options like GBTC with excessive charges.
- Offshore and FTX buying and selling platforms benefited from the SEC’s stance.
Gemini co-founder Cameron Winklevoss took to Twitter to precise his frustration on the tenth anniversary of his preliminary submitting with Tyler Winklevoss for a Bitcoin exchange-traded fund (ETF) with the US regulator.
Winklevoss argued that the Securities and Trade Fee’s (SEC) continued refusal to approve such merchandise had been a disastrous final result for US traders.
Winklevoss claimed that the SEC actions not solely denied traders entry to the best-performing asset of the previous decade, but additionally pushed them into dangerous options just like the Grayscale Bitcoin Belief (GBTC), identified for its commerce low cost and exorbitant charges.
Moreover, Winklevoss argued that the SEC’s stance inadvertently drove abroad bitcoin buying and selling actions to unregulated venues and pushed traders into the arms of FTX, a platform later implicated in one of many largest monetary frauds in latest reminiscence.
In his scathing tweet, Winklevoss urged the SEC to reassess its observe document and give attention to its core mandate of defending traders, selling honest markets and facilitating capital formation. He believed {that a} completely different strategy may need produced extra favorable outcomes for traders.
Within the feedback part, an NFT fanatic requested on the influence of latest filings by BlackRock and Constancy. Specialists have argued that the arrival of those heavyweights on the crypto funding scene holds promise, probably altering the dynamic round ETFs.
Aaron Carroll, CEO of Dexani.io, could not assist however add a contact of sarcasm to the state of affairs. Carroll stung amusing on the assertion of SEC Chairman Gary Gensler, the place he allegedly asserted that “the legislation is obvious”.
Carroll’s playful emoji underscored the irony {that a} decade had handed, and but the long-awaited Bitcoin ETF remained elusive, regardless of the readability of the legislation, in keeping with Gensler.
