SEC Staged A Pretend Opposition Letter

A brand new revelation threatens to forged a shadow over the US Securities and Alternate Fee’s (SEC) dealing with of Bitcoin spot ETF purposes, that are presently up for determination. The central query emerges: Is SEC chair Gary Gensler sharing an undisclosed affiliation with a company opposing the spot Bitcoin ETF?

Fortress Island Ventures Normal Associate Matt Walsh drew consideration to an opposition letter on the Constancy Bitcoin ETF proposal despatched to the SEC by impartial group Higher Markets, Inc. The contents of the letter have the potential to trigger an uproar within the Bitcoin neighborhood. In line with Walsh, the letter incorporates “questionable, if not outright false, claims about how the spot and futures markets for Bitcoin work right this moment.”

Higher Markets argued fervently in opposition to the proposed rule change to permit a spot ETF. Their assertion reads:

The spot Bitcoin markets have a historical past of artificially inflated buying and selling volumes as a result of rampant manipulation and wash buying and selling; are extremely concentrated; and depend on a particular group of people and entities to take care of Bitcoin’s community.

Moreover, Higher Markets argues that the “CME Bitcoin futures market shouldn’t be a regulated market of great dimension and the surveillance-sharing agreements with Coinbase add little to no worth.”

Anti-Bitcoin Spot ETF Letter Staged?

But what has really captured the neighborhood’s consideration isn’t simply the content material of the letter, however the seemingly intricate connections between the SEC, its chairman, and Higher Markets. Walsh writes, “the letter comes off prefer it might have been written by Elizabeth Warren, Gary Gensler or Sherrod Brown, the leaders of the Anti-Crypto military. And guess who helps Higher Markets?”

As Walsh came upon, Gary Gensler has met with Higher Markets 9 occasions since he turned SEC Chairman in 2021.” That may be a stage of entry no-one within the digital asset markets, aside from Sam Bankman-Fried has ever obtained.

Including extra intrigue, Justin Slaughter, Coverage Director at Paradigm, identified: “The top of Higher Markets was additionally chosen by Chair Gensler to be on the Biden Transition group for finreg companies.”

These revelations have sparked vital chatter amongst market consultants. Eric Balchunas, Senior ETF Analyst for Bloomberg, remarked:

Good thread on relationship between Higher Markets and Gensler and why politics is probably going far more vital than all of the supposed authorized elements of this, sadly.

Additionally, there’s another excuse to be suspicious. Each Gensler and anti-crypto Senator Elizabeth Warren have offered testimonials for Higher Markets, as revealed on the group’s web site.

The gravity of those allegations is additional intensified given the burden carried by the approval of a Bitcoin spot ETF. A Bitcoin spot ETF approval is broadly seen as a significant catalyst for the market. With the SEC deadline on September 1 quickly approaching, the market waits with bated breath for the fee’s determination relating to the spot ETF purposes from monetary giants BlackRock and Constancy.

At press time, the BTC value was at $29,596.

Featured picture from cripto tendencia, chart from TradingView.com