What do you make of Gary Gensler and SEC Warning against investing in Crypto as BTC ETF Approval Looms?

[Captainsaudi]

It is obvious that Crypto is winning the battle against SEC as there are high expectations on a possible spot Bitcoin ETF approval. Many exchanges, enthusiast and analysts are counting down to tomorrow (10/01/2024) as we await a response from the US SEC. Recently, Gary Gensler has turn to crypto adviser on X by tweeting advise to investors, encouraging investors not to FOMO or invest in crypto. Some crypto ethusisast on X claim this approach is his last draw of the straw in an attempt to discourage people since the approval is inevitable. 

US SEC investor ED recently took to their X handle to advice investors to Say “NO GO to FOMO” they further advised that “Just because others might buy a particular investment, doesn’t mean it’s the right opportunity for you”. Does this means that the approval is imminent? We know that SEC could still deny the application but they would need to do so with a valid reason different from the previous ones. Remember in August, a federal judge ordered the SEC to revisit a spot BTC ETF application from Grayscale claiming the commission was “arbitrary and capricious” in denying the investment vehicle.

[MongiIG]

Hi @Captainsaudi

 

[XTRAVAGANZA]

On 09/01/2024 at 20:25, Captainsaudi said:

It is obvious that Crypto is winning the battle against SEC as there are high expectations on a possible spot Bitcoin ETF approval. Many exchanges, enthusiast and analysts are counting down to tomorrow (10/01/2024) as we await a response from the US SEC. Recently, Gary Gensler has turn to crypto adviser on X by tweeting advise to investors, encouraging investors not to FOMO or invest in crypto. Some crypto ethusisast on X claim this approach is his last draw of the straw in an attempt to discourage people since the approval is inevitable. 

US SEC investor ED recently took to their X handle to advice investors to Say “NO GO to FOMO” they further advised that “Just because others might buy a particular investment, doesn’t mean it’s the right opportunity for you”. Does this means that the approval is imminent? We know that SEC could still deny the application but they would need to do so with a valid reason different from the previous ones. Remember in August, a federal judge ordered the SEC to revisit a spot BTC ETF application from Grayscale claiming the commission was “arbitrary and capricious” in denying the investment vehicle.

Finally the much awaited spot ETF has been approved by SEC, lets see the effect its gonna have on Bitcoin and Altcoins alike

 

[Imam]

On 11/01/2024 at 22:29, XTRAVAGANZA said:

Finally the much awaited spot ETF has been approved by SEC, lets see the effect its gonna have on Bitcoin and Altcoins alike

 

It has the run we expected but that was pre approval run. Expecting a huge surge... 

[XTRAVAGANZA]

16 hours ago, Imam said:

It has the run we expected but that was pre approval run. Expecting a huge surge... 

To be honest, the effect of the approval was not felt. its almost as though the whole thing was over estimated

[Imam]

On 31/01/2024 at 17:30, XTRAVAGANZA said:

To be honest, the effect of the approval was not felt. its almost as though the whole thing was over estimated

Yup, that maybe the case. But I think wall Street giants haven't adopted the BTC ETF yet! Whatever, I'm enjoying the volatility at Bitget!