They SEC said after the backlash it got that it will re review its review of bitcoin 10 ETFs they rejected.
This rejection honestly seemed to hit markets not hard at all as trading volumes and price remained at about the same. Could this also be what prompted the review? That the market seems rather steady lately.
In any case though I have a feeling this review wont take long at all and end with the same decision of rejected. Also the large ETF to be reviewed mid September will most likely be rejected as well.
The SEC is always extremely slow and from what I have seen has never sided against their decisions. Instead they simply drag things on as long as possible to soak up as much money as possible. They exact thing the SEC was built NOT to do! The SEC was created back in 1934 to help remove the risk of major crashes in the markets and keep us out of the great depression etc.
However as of the last 10-20 years the SEC has done nothing beneficial instead they have shut down countless sites that where working fine and leaving investors high and dry as they soak up all the money in "legal fees" In fact I know of one site that's still going through this and its been 3 years now!
Simply put we need to stop worrying about these ETFs and instead just buy the heck out of bitcoin etc and take matters into our own hands. If tons of money was invested in bitcoin and people used it more the system would be forced to adopt it or be left in the dust. Remember you the people have the power not the few people in goverment. You the people control goverment.
I have been reading into the SEC documents and it seems that most of their concerns come from not being able to control the majority of the volumes in bitcoin because of how large the exchanges outside of the US are. In addition, once they eliminate that volume, they deem the US volume and that on futures markets to be insignificant.
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Why are they playing with us 😂
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In resume the crypto world don't need an ETF for his own success.
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