ETF clock is ticking
Where will Gary Gensler run to now, 4 US Congressmen have pushed the SEC to approve Spot Bitcoin ETF ‘immediately’ in a firmly worded letter.
I read the letter myself and it’s all we’ve been saying, you approve Bitcoin futures ETF but deny several Spot ETF applications with no tangible reasons, you lost your lawsuits in court on this matter, judges called you out for not making sense, yet you keep going on denying and postponing approval decisions all because you’re SEC chair, now congressmen have to write to you to put you in your place. Gary is such a bad boy.
Gary is on a roll
But guess what, he’s not backing down because right after the letter, Ark 21Shares ETF application was delayed yet again. I kind of like what is going on, I mean, after all of this delay and denial and the subsequent approvals that eventually follows, Gary will be facing a lot of backlash if there’s any manipulation or inconsistencies of sorts in the markets and that’s even if he still has his job by then because how can you waste so much time in the name of regulation and end up with your back flat on the ground due to manipulation and other crypto matters that can’t be controlled, Gary seems to forget that there’s tomorrow.
Also, I don’t want to be Gary right now, because if he’s not doing proper due diligence and if things go wrong they’ll still fall back on him badly, infact in which ever direction the applications go and the impact that follows………
…….. he’s not in a good position, the best thing he could do is to yield to the creation of new regulations for crypto and stop using outdated financial regulations for crypto.
But then again we have the issue of the puppet masters pulling the strings making Gary into a clown as he bears all the brunt of their moves.
So in the meantime let’s just forget about Bitcoin ETFs at least for the rest of this year, by next year, these discussions will be much heated and as there are court sessions already lined up to hear from both Gary’s side and Coinbase, if he’ll deny again,……..
Gary will play
………then he’ll have to come out with concrete reasons which will clear the air for the path others will follow, I’m certain that we won’t be having these delay/denial conversation by early 2024.
What I really hate is how the market is in limbo while the SEC is playing hide and seek with the eTF applications. Left to me, I just want to get this approval started and over with and see how the market will react……
……..It is also very suspicious that the approval times will coincide with the halving, makes one think how parabolic the markets can go in the next run, the cards stacked are so stronk.
image generated by ai
Stories for the bear and charts for the bull
I’ve refrained from talking about the markets in a while, bear market is brutal and except you’re a perma bear, doing market talk is no fun as you can’t be overly optimistic when the market is saying otherwise, it just makes you look like a clown.
It is easier and more interesting to do market talks In a bull run as whether or not you are correct, the tokens will go up anyway and you can easily look like a genius, bull market playbook 101,……..
……..then you can use the attention to build an audience that will ride with you into the bear market as everyone will be looking up to your genius takes for direction and guidance at which point you’ll begin to advocate for holding your favorite bags, then your relevance will remain if the tokens you shill keep up to the standards you set for them.
For example me, I had more friends on crypto Twitter when the price of RUNE was in double digit than when it dropped below $1. Interesting thing was that when I discovered and started to accumulate and talk about it, the price was at $3, many people thought I was a genius lol,………..
…………..I held it through to $15 and people loved talking to me 😅, then the price crashed and everyone disappeared, well, most people, and I held it all the way back to 0.89$, however the good thing is that the project is even more solid than when it pumped, the economics are far more improved and positioned to reach new heights. Similar story goes for Hive.
I’ve learnt that bear markets are good for story telling, talking about why we are where we are and where we are going, while bull markets are good for market, price talks, and talking about where we are coming from.
If truly the markets is in waves, up and down, then this bear will end and the best thing anyone can do is to have a strategy in the bull run not for the bull run but for the bear market that will follow after. I think I’m psychologically ready, what about you?
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@tipu curate
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Thanks T 💪🏻
Gary Gensler is as brave as a lion. But he will be forced to retreat by other predators :)
Yeah well, if we consider the abilities of other predators, lion is not really the king of the jungle. I find this analogy interesting because like a lion, they aren’t that strong without their pride compared to other solitary cats which just describes Gary Gensler. His power is in SEC as a whole, he has no power on his own
Blackrock has a Bitcoin spot ETF application as well and they have a 99% winning rate. You think Gensler will fight Blackrock?
His stretch will break...
This is the worst he can do. Delay. He will pay.
It's definitely a rollercoaster ride in the world of crypto ETF approvals. Let's hope for some clarity and progress in the crypto regulation space soon.
I look forward to the next narratives after BTC etfs wear out
Let's hope for the very best very soon