Crypto News

Bitcoin Market Devoid of Regulation and Transparency, Says BlackRock in New Filing

Evaluating the SEC’s Shifting Attitude

US attorney John E. Deaton observes a potential change in the SEC’s stance toward the cryptocurrency industry, particularly in light of the agency’s response, or lack thereof, to recent fake BTC ETF news.

A Departure from the Past

Deaton, who represents numerous Ripple investors in their lawsuit against the company, suggests that the United States Securities and Exchange Commission (SEC) may be adopting a different approach to the cryptocurrency sector. He points to the agency’s decision not to exploit the recent fake BTC ETF news as an opportunity to criticize the digital asset space, unlike its previous behavior.

Chairman Gensler’s Shift

In the past, SEC Chairman Gary Gensler consistently criticized cryptocurrencies, often associating them with negative activities such as terrorism funding and criminal behavior.

Influence of Major Institutions

Deaton speculates that Gensler’s shift in behavior might be influenced by the opinions of major institutions. He states, “I could be wrong, but I attribute it to the Court loss coupled with the Larry Fink affect. Gensler only cares about what the major incumbent donors, I mean institutions think.”

Aligning Opinions

This change in the SEC’s approach aligns with the views expressed by Scott Melker, known as “The Wolf of All Streets,” who recently commented on Twitter that the approval of a spot Bitcoin ETF appears imminent due to a shift in language and tone.

Reactions to Recent Developments

On October 16, news broke that the US securities regulator had officially approved BlackRock’s application to introduce a spot BTC ETF in the United States. This news ignited enthusiasm in the crypto community, leading to a rapid surge in the price of Bitcoin, which climbed by over 10% in a matter of minutes, reaching as high as $29,500 (according to CoinGecko).

A Short-Lived Celebration

However, the excitement was short-lived, as it became evident that there was no official approval for the ETF. The SEC also cautioned the public not to unquestioningly trust online information and to verify details from reliable sources.

Different Trust Levels

Deaton disagreed with the SEC’s statement, asserting that he places more trust in independent judges overseeing the SEC than in the agency itself. He cited an Appellate Court’s characterization of the SEC as “arbitrary and capricious.”

Listening to the Judges

In Deaton’s view, the opinions of federal judges concerning the SEC carry significant weight. He noted that a federal judge in the Southern District of New York accused SEC lawyers of hypocrisy and a lack of allegiance to the law. Therefore, when it comes to the SEC, Deaton chooses to heed the voices of the judges, which he believes are speaking loudly.

Related Posts

SBF Acknowledges Alameda’s “Special Privileges” on FTX During Testimony

Sam Bankman-Fried’s Second Day of Testimony FTX founder Sam Bankman-Fried concluded his second day of testimony in his high-profile fraud case in a Manhattan federal court. Challenging Cross-Examination…

Overwhelmed: South Korea’s Crypto Crime Investigation Unit Faces Challenges

Overloaded Crypto Crime Unit Struggles to Keep Pace South Korea’s specialized crypto crime investigation unit is facing an increasing caseload, just over a year after its launch. The…

Elon Musk’s Joyous Tweet Boosts Bitcoin Price: Crypto Enthusiasm Surges

Bitcoin Holds Steady as Elon Musk’s Tweet Ignites Enthusiasm In the realm of cryptocurrency, Bitcoin remains stable at $34,274, witnessing a 0.75% rise on this Monday. However, it’s…

El Salvador’s President Nayib Bukele Announces 2024 Re-election Bid

President Nayib Bukele Seeks Re-election El Salvador’s President, Nayib Bukele, has formally submitted his candidacy for re-election in the upcoming 2024 polls, a move that has generated criticism…

Is Bitcoin (BTC) Poised to Surpass $40,000? Clues from Whale Activity

Bitcoin Bulls Maintain Control The Bitcoin (BTC) bulls continue to dominate the market, with the world’s largest cryptocurrency by market capitalization consolidating above the $34,500 mark following a…

Bitcoin’s Bullish Run in 2023: Reasons and Future Potential

Bitcoin’s Turbulent Year in Review Just under a year ago, turmoil rocked the Bitcoin (BTC) market as nervous investors hastily sold off their holdings. This panic was in…

Leave a Reply

Your email address will not be published. Required fields are marked *