The hypocrisy of the @GaryGensler and the SEC is really gross. They approve some complicated Bitcoin ETF product based on financial derivatives as opposed to much simpler products that could directly hold Bitcoin and would result in 5-10% higher returns for investors.

9:49 PM · Oct 15, 2021

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Even though dozens such products exist around the world and have lots of usage. And even with the success of Grayscale's Bitcoin product. And the argument that there isn't enough liquidity in spot market is absurd. There is surely far more liquidity on crypto exchanges than CME
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This isn't protecting about any retail users. The SEC is harming retail investors through their decisions again and again.
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Agree, but also who cares about 5-10% higher returns?
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⚔️🧛‍♂️🦑
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They want institutional investors to dictate the price of bitcoin. Btc Futures price discovery eliminates all fundamentals of bitcoin - limited supply and limited exchange volume), the price will be defined by futures, not on chain data anymore
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They can’t corner the market unless they corner the spot market. Which is pretty impossible to do at this point. Especially since there’s an insatiable demand and no coins for sale. This doesn’t change that.
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Replying to @crainbf
Currently paying 2% in fees for GBTC. ETF would lower fees to a tenth of that. Thanks @GaryGensler
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Maybe buy some bitcoin instead.
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ITs To pRoTeCt uS SiR
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