The Bitcoin ETF is scaring the banks!

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Gary Gensler

The SEC chairman, Gary Gensler, got slammed by congress yesterday because of delaying the approval of Ark’s Bitcoin ETF.

Congressmen and women wanted to know Gensler’s reasoning behind the delay. He could not answe any of the questions. And in his reasoning became very clear that he is trying to protect the banks, or he is pushed by the banks to keep delaying the release of any Bitcoin ETF.

Gary Gensler literally said he wants to protect an extreme outflow of money from bank accounts into Bitcoin and other crypto currencies.

Another delay

Ark/21Shares’ ETF got another delay this week by the SEC, the definitive decision is delayed from November 11th to January 14th 2024. Reasoning behind it is unclear.

The next possible Bitcoin Spot ETF approval decision is planned for October 7th, this ETF would be released by BlackRock. That’s in 10 days, it would be very contradictory if this one would be approved. But, I wouldn’t be surprised if this one would be approved before the other ones.

BlackRock has tentacles all over the world and has a lot of influence within the SEC. As BlackRock is the biggest asset manager in the world, with stakes in all the biggest firms and banks all over the world.

Very curious what will happen in the next weeks and months!

Sincerely,

Pele23

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5 comments
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Now we know why Bitcoin spot ETFs are been delayed. Banks may be on the losing end as more money gets transferred from them to the ETFs. Interesting months ahead, I think eventually they will have to approve it and that moment is drawing closer.

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😥 oh no, pls don't scare the poor, defenseless banks!! :P

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How long will they hold them until finally they will have to approve and the way people are telling them now they have to do it quickly because the time for the market to go up is getting closer.

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