BitcoinBTCCryptocurrency EducationNewsSecurity

SEC’s Historic Bitcoin ETF Approval Reveals Deep Divide Within Commission

1 Mins read

As the Securities and Exchange Commission (SEC) breaks a decade-long impasse by approving the listing and trading of spot Bitcoin exchange-traded funds (ETFs), the decision is met with mixed reactions within the commission.

The landmark decision laid bare a deep fault line between commissioners, their starkly contrasting statements echoing across the financial landscape.

Hester Peirce, the SEC’s crypto champion, dubbed the day a “monumental victory for investor choice.”

She criticized the SEC’s past rejection of Bitcoin BTC/USD applications as “arbitrary and capricious,” a relic of a bygone era.

While conceding concerns about fraud and manipulation in the underlying spot market, Peirce pointed out the tight correlation with the regulated CME Bitcoin futures market, deeming it sufficient to guard against nefarious actors.

Also Read: Solana Winter Coming? Whale Traders Target This Range For ‘Great Entries For The Long Run’

Meanwhile, Commissioner Caroline Crenshaw expressed strong reservations about the recent approval of spot bitcoin exchange-traded products (ETP). In her statement, Crenshaw highlighted concerns about “rampant fraud and manipulation” in the global spot market.

She emphasized the issues of lack of oversight, concentrated ownership, and prevalent wash trading in the cryptocurrency market. Crenshaw criticized the ETP rule changes as insufficient for basic investor protection standards, suggesting that the SEC’s approval might be a risky move akin to “betting the bank” on an unstable foundation.

Beyond financial risks, Crenshaw also raised alarms about national security and the potential for Bitcoin to facilitate criminal activities and evade U.S. sanctions. She questioned whether the unregulated nature of the crypto market could pose threats to the stability of traditional finance.

This clash of views between commissioners like Peirce and Crenshaw reflects a deeper divide over the nature of Bitcoin. The debate centers on whether Bitcoin represents a transformative financial asset or a dangerous element that could disrupt market stability and enable criminal activities.

The SEC’s decision, born out of this internal conflict, has intensified the ongoing debate about Bitcoin’s role and impact. The key question now is how this decision will be judged in the long run, and which perspective will be validated by history.

Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.