^ While I dislike to end up being too much of a conspiracy theorist as much as possible, I wouldn't be surprised if someone(mostly an entity) is the one pulling the strings on Gensler. I'm pretty sure he himself knows how net-positive a spot ETF is, assuming he's actually siding with the people.

I don't think we are going into a conspiracy if we say that Gensler also has his boss, and that he is placed in his position by political suitability and willingness to carry out what that policy represents. It is not disputed that the Bitcoin spot ETF would be profitable, the SEC and investors know that - but the main problem in the whole story is that Bitcoin is not something they can control because it is still decentralized and extremely volatile, which is a very bad combination for the SEC.

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I would not agree that they are happy with the current situation because in that case there would not be so much pressure on the SEC to finally approve something they have been refusing for years. To make matters worse, the same instrument has been approved by Canada and Australia, and some other countries, and US investors and companies are not used to being in a subordinate position when it comes to profit opportunities.

Probably because in the pockets of Wall St & banks. They don’t want people to start withdrawing money from their products & begin investing in hard money, unconfiscatable, self custodied money i.e. Bitcoin.

It’s a moot point any way, bitcoin is going to chew them up & swallow them alive over the next decade or so.

once the first spot ETF gets approved. everyone else will read the wording of the applicants application and copy and paste their own application template, knowing that the wording is exactly what the regulators want to see and hear.  to match the details to then get near instant approval. causing as  you say a flood gate of spot ETF.

regulators dont want to audit hundreds of small businesses they would prefer to audit just a couple well known businesses they already audit for other things, where they can just get paid their regular audit fee's to continue doing what they are already doing.


regulators and their central bank partners do not want to see loads of small business compete against the elite. however the elite cant just jump into hoarding coin because of their banking charters and other regulations making them have to stick to fiat. so laws and regulations have to change to allow the elites in first, grab what they can. apply under some special permit only they can compete against. to monopolise/own the spot ETF market.
(much like setting high standards to even be approved to 'go public' or appear on the nasdaq, they will of course want the same thing with spot ETF's )

you wont see some small-mid size business get approved first. it would be one of the mega institutions that get approval first. and under some shady permit that only allows other mega institutions to get approved.

Gary Gensler is the head of SEC but he has to rely on the advice of different financial committees, economic boards and even seek approvals from diverse authorities before making decisions. The public service has a whole lot of bureaucratic bottlenecks. The SEC has always pushed back against so-called spot crypto ETFs due to concerns that the coins trade on unregulated platforms where surveillance is difficult and manipulation might be a consistent problem. It has approved ETFs holding crypto futures, but those products trade on platforms that are overseen by US financial regulators.

All hope is not lost because very soon (my prediction) spot ETF would be approved in the US. Recently Securities and Exchange Commission (SEC) approved a bitcoin futures ETF for Teucrium Futures Fund based on a different set of laws, which gives investors hope about the possibility of an approved spot bitcoin ETF. This is because unlike existing Bitcoin futures ETFs, the Teucrium fund was filed under the Securities Act of 1933, rather than the Investment Company Act of 1940 which offers greater investor protection than the 1930s law. It is a good news for the bitcoin community because  a physically backed Bitcoin ETF -- a structure the SEC has repeatedly denied -- would fall under the 1933 act, approving the Teucrium fund could be a needed step to a spot ETF.

https://bt.irlbtc.com/view/5374644.msg59964147#msg59964147