Caveat Emptor
The day came at last, to the sheer joy of the crypto faithful — and the profound displeasure of skeptics.
US Securities and Exchange Commission for the first time approved exchange-traded funds that invest directly in Bitcoin.
Perhaps paradoxically, immediately after the approval, SEC Chair Gary Gensler released a statement reiterating that the agency does not endorse digital assets.
“While we approved the listing and trading of certain spot Bitcoin ETP shares today, we did not approve or endorse Bitcoin,” he wrote. “Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.”
So why did the agency approve it, in what was a rare capitulation to immense opposition?
Because the CME’s surveillance can assist in detecting those impacts on CME Bitcoin futures prices...
Dennis Kelleher, president and CEO of Better Markets, a Wall Street watchdog group, reacted furiously, saying that will enable the mass marketing of a known worthless, volatile, and fraud-filled financial product to Main Street Americans.”
John Authers Bloomberg 11 January 2024
Bitcoin ETFs: The SEC Found a Way to Get Out of the Way. Now, It's Caveat Emptor - Bloomberg
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