The US Securities and Exchange Commission (SEC) has been nder scrutiny over reports that they may have had something to do with the writing of an opposition letter against the approval of a Spot Bitcoin ETF. Diving further, analysis from Caselt Island Venterus General Partner uncovered questionable stances regarding the content of the letter. As Better Markets, Inc. released a document that contradicted the possibility of a Spot Bitcoin ETF in , speculation quickly rose as connections to SEC chair, Gary Gensler & Better Markets were thoroughly scrutinized.
Much of the press surrounding the letter surrounded possible false claims put forth by the company in question. As high-ranking figure pairs his anti-crypto track record with near unprecedented access throughout the Biden administration transition, further criticism has been levied at the SEC. Insiders were, simply put, left wondering if Wells had included this order (presumably from son of SEC exec) or if the choice was, in fact, completely separate. Better Market’s assertions, namely, that trading volumes were undependable due to “ rampant manipulation and wash trading” did dissipate irrevocably however. Forging onward following the odd occurrence, crypto firms pressed onward – each more determined than before to have digital assets pitched and approved.
Although indications surfaced that chairman Gensinger’s links to Better Markets remain uncertain, nothing outright was stated in speculation or proven in court quickly watered down the suspicious arrangement. Hopefully in the near future opportunity shines that more clarity regarding this unusual episode surfaces.