After losing Grayscale case, the SEC could end Bitcoin Futures to prevent a Bitcoin Spot ETF! 😠

SEC Chair Gary Gensler smirks and hints that after losing their case against Grayscale, they could decide to end Bitcoin Futures rather than approve a Bitcoin Spot ETF. The judge in the Grayscale case said the SEC had no reason to deny Grayscale from turning their Bitcoin Trust into a Bitcoin Spot ETF, since the SEC already approved Bitcoin Futures and they were similar products.

While this seemed like great news at the time for a Bitcoin Spot ETF being approved, Gensler says the SEC could just decide to end the Bitcoin Futures market instead. That would mean a Bitcoin Spot ETF would also be out of the picture until the next US president appoints a new SEC chair in 4 to 8 years. Nasty little rat. 🐀

There is no reason to deny a Bitcoin Spot ETF, because a Spot ETF requires the shareholder obtain the underlying asset. It is safer and better for the asset than a Futures, which is basically betting on the future price of an asset without needing to hold any of it. Essentially, it's gambling. Gensler has said many times that, "Bitcoin is a Commodity, not a Security, so the SEC cannot regulate it, because we only have the power to regulate Securities." However, his boss, Joe Biden, HATES Bitcoin, because he works for the Central Bankers, and he is very likely putting pressure on the SEC to not approve the Bitcoin Spot ETF filings, even though BlackRock (who is more powerful than the US Government in many areas) has also filed.

Gensler also says a government shutdown would mean normal oversight of markets would be impossible. He also talks about regulating the crypto space and new rules for naming funds. Gensler speaks with Bloomberg's Kailey Leinz in Washington.

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