TL; DR
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Yesterday, the chairman of the US Securities and Exchange Commission (aka “Ol’ Gaz”) had another Senate hearing with lawmakers to discuss the future of crypto in the US.
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Instead of embracing change (which could lead to a lot of innovation and economic prosperity) Ol’ Gaz says: no need for change, while the rest of the world embraces crypto, we’ll keep things the way they are. It will be fiiiii.
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Instead of providing wisdom and clear advice, he has taken the path of: we make the rules, and we don’t tell you what those rules are.
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Gare bear, serWe understand that you don’t like change, but at least tell us what rules we have to play by so that we can understand the game we are playing.
Full story
Look, we’re not saying Gary Gensler looks like our grandfather.
But he does have some ‘grandfather tendencies’.
This is what we’re after:
Yesterday, the chairman of the US Securities and Exchange Commission (aka “Ol’ Gaz”) had another Senate hearing with lawmakers to discuss the future of crypto in the US.
This meeting comes fresh off the back of a federal judge’s decision last month to side with Grayscale against the SEC regarding a review of their spot Bitcoin ETF application.
When asked what the SEC should actually see in a filing approve a place Bitcoin ETF (also known as a way to trade Bitcoin on the stock market), Ol’ Gaz said the following: “We have several files on exchange-traded Bitcoin products… I look forward to the recommendations of the staff.”
(i.e. ‘no comment’).
This is where grandpa tendencies came into play:
Instead of embracing change (which could lead to a lot of innovation and economic prosperity) Ol’ Gaz says: no need for change, while the rest of the world embraces crypto, we’ll keep things the way they are. It will be fiiiii.
Instead of providing wisdom and clear advice, he has taken the path of: we make the rules, and we don’t tell you what those rules are.
On Monday this week, asset manager Franklin Templeton became the latest Wall Street giant join the Bitcoin ETF race by filing an SEC filing for a “Franklin Bitcoin ETF.”
This follows applications from: Grayscale, BlackRock, Fidelity and ARK Invest (to name a few).
Gare bear, serWe understand that you don’t like change, but at least tell us what rules we have to play by so that we can understand the game we are playing.
And while we’re here, no one likes your khaki shorts.
