By Bill Taylor/Fintek Capital
In a galaxy far, far away (the SEC’s mindset), the discussion of a bitcoin ETF once again lights up the parallel universe and global newswires. Why just last Thursday, it looked like the Securities and Exchange Commission had squeezed the last breath of life out of approving an ETF-based bitcoin product. BUT NO! Well, at least not yet. Seems the SEC will review their just last week final decision. But before we go further, let me quote from the article we posted in Friday’s FintekNews (SEC Dashes Hopes for Bitcoin ETFs…Again);
“So, let’s just state the obvious, The US Securities and Exchange Commission (SEC) does not like Bitcoin. No, they actually HATE Bitcoin.”
Lets get up to date. Almost before the ink dried, one (1) SEC commissioner (Hester Pierce) said hold on. Rejecting the nine applications might stifle innovation and creativity (well yeah). So the staff at the SEC, which has delegated authority to make decisions on applications, rejected ProShares, Direxion and GraniteShares bitcoin ETF products. But the SEC commissioners and Chairperson have the power to review the staff’s decisions…..and they are.
Now don’t get too excited. The commissioners previously voted 3-1 to throw water on another bitcoin application (again, Hester was that 1) and this ‘reprieve’ may only be an accommodation to a fellow commissioner. In other words, the SEC will be kind and will let Hester have a say and then reject bitcoin ETFs………..again.
So let’s give the SEC a little time to review and then let’s all get back to manipulating prices, laundering money, doing criminal acts, and looking the other way to fraudulent activities (the concerns of the SEC) all of which NEVER existed before bitcoin (chuckle). As our previous article said;
“But for now, bitcoin ETFs are not welcome in the US. Rest assured they will spring up offshore and develop, thus leaving the US further behind in revolutionary financial products. Oh well!”
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews