February 22, 2022
3x levered volatility inverse perverse meme stock etfs are OK, but spot commodity(BTC) isn't??? It is clear to the all who bother to watch that allowing a futures etf and not spot is driven by financial interests of the powerful. The arguments citing manipulation are transparent. The SEC is doing the manipulation, making the game unfair, and citing manipulation and consumer protection as the basis for its action (approving futures) and inaction (stalling spot). I hope that future crypto lobbyists remember the names of those who stood in the way, both the bureaucrats and elected officials. There is plenty of money to be made, so long as you are the party in power. But winds shift.
At best, the SEC is overloaded and can't do the job. At worst, higher powers decide policy issues, and leave GG to defend the decisions (poorly). Either is a failure. I don't know which is worse. It is sad to me that our country, and system is so Byzantine and corrupt. Still probably the best, but in accelerating decline.
It is sad that these comments are futile.
It is sad that only the worst of us run for office.
Maybe it's the 2 party system. Maybe it's the media left and right. Maybe it's just human greed.
Approve the spot ETF.