Cameron Winklevoss accused the Securities and Exchange Commission (SEC) of a history of failures on Saturday, 10 years after receiving what the commission called the first bitcoin ETF application and expunging it. pointed out that it has passed.
The Winklevoss twins, co-founders of cryptocurrency exchange Gemini, first applied for a Spot Bitcoin ETF-like trust in July 2013 to track the price of Bitcoin and invest in stocks on exchanges such as the Nasdaq. moved early to establish an investment vehicle that traded in
Winklevoss’ first application, and the second in 2018, ultimately was denied by the SEC. Futures-based Bitcoin ETFs have since received regulatory approval in the US, but the proposed spot ETF agreements so far have been sufficient to protect investors from “fraudulent and manipulative acts and practices.” No, the SEC argues.
So Winklevoss, recognizing that all other applications for spot-based bitcoin ETFs have been blocked as well, on the 10th anniversary of the first application, blamed the authorities for allegedly holding back.
“The SEC’s 10-year refusal to approve these products has been a total disaster for U.S. investors,” he said, adding that the agency’s reluctance was “how the SEC failed regulators.” It shows that it is,” he added.
Winklevoss said those failures included keeping investors away from the best investment opportunities of the last decade. Or, as Winklevoss puts it, continue to “protect” investors from exposure to Bitcoin.
BlackRock’s Bet To Launch A Spot Bitcoin ETF Two Weeks After The Crypto Market Slumps After Bombing SEC Lawsuits Against Binance And Coinbase On June 5, Crypto Twitter’s Optimism reignited and boosted Bitcoin.Fidelity Ends Wave of Bitcoin ETF Applications Followed by Invesco, Wisdom Tree, Valkyrie and More threw the hat I’m back in the ring since last week.
However, according to a report, the SEC believes that BlackRock and Fidelity’s recent Bitcoin ETF filings are “not sufficiently clear and comprehensive.” report from wall street journal.
Winklevoss argues that U.S. investors are turning to grayscale bitcoin trusts due to the complete lack of spot bitcoin ETF options. Founded in 2013, Grayscale Bitcoin Trust shares are currently trading at a discount to their bitcoin holdings, as shareholders cannot redeem their shares.
Winklevoss called the product “toxic,” but converting Grayscale’s Bitcoin Trust into an ETF likely to resolve With this discount, the company now has file a lawsuit The SEC has repeatedly refused to do so.
Winklevoss has joined a chorus of critics who say SEC Chairman Gary Gensler is unjust. Driving innovation offshoreHe said the authorities, meanwhile, had forced “investors into the arms of FTX,” making them victims of “one of the biggest financial scams in modern history.”
FTX founder and former CEO Sam Bankman-Fried has pleaded not guilty to a series of charges, including fraud on the failed exchange.
Sending investors abroad for exposure to bitcoin has also led them to trade with “unlicensed and unregulated venues,” Winklevoss argued.
Gemini and SEC are not friendly.Regulatory authority defendant In January, Gemini violated securities laws by alleging that its “Gemini Earn” product constitutes an unregistered securities offering. Private investors used to be able to lend their cryptocurrencies to bankrupt company Genesis, but so did Genesis. Paid By the SEC—in exchange for interest on deposits.
Notably, both Genesis and Grayscale are owned by Digital Currency Group. And Genesis and Gemini are arguing over an issue. $900 million loan Gemini has also reached out to crypto lenders.
Winklevoss consideration A lawsuit was filed against DCG and its CEO Barry Silbert earlier this year, but Gemini, Genesis and DCG reached A “basic” agreement was reached in February.However, Gemini Said DCG failed to repay a $630 million loan last month and is at risk of default.
Winklevoss expressed hope that the SEC would “reflect on its disastrous track record” and focus on its mandate “rather than overstep its statutory mandate and try to act like the gatekeeper of economic life.” .
Additionally, Winklevoss ended the post by praising “all the people who are fighting hard to make the US spot Bitcoin ETF happen,” but in reality, there are certain people with outstanding filings and lawsuits. companies may be excluded.
