Cameron Winklevoss criticizes SEC’s handling of Bitcoin ETFs
- Cameron Winklevoss, Co-Founder and President of Gemini, voiced his disappointment with the SEC’s refusal to approve Bitcoin ETFs
- He believes that the SEC has shielded investors from the best-performing asset of the last decade
- Cameron points out that the SEC’s stance has pushed investors towards less desirable products like GBTC
- He criticizes the SEC for driving Bitcoin activity to offshore venues and pushing investors towards FTX
- Cameron urges the SEC to focus on its mandate of protecting investors and fostering fair and orderly markets
Fidelity makes another attempt to launch spot Bitcoin ETF
- Fidelity is making a new attempt to launch the Wise Origin Bitcoin Trust
- BlackRock’s filing for a spot Bitcoin ETF has sparked renewed interest, with Invesco and WisdomTree joining in
- Fidelity’s filing includes a surveillance sharing agreement to address the SEC’s concerns about market manipulation
- Fidelity argues that a spot Bitcoin ETF could have protected investors from losses due to custodian insolvencies
New details added to Bitcoin ETF filings
Fidelity and other firms, including Invesco, VanEck, 21Shares, and WisdomTree, filed new applications for spot Bitcoin ETFs
The SEC indicated that the initial filings were insufficient
All of the firms refiled with new details, including the inclusion of Coinbase Global Inc. for market surveillance support
Hot Take: The SEC needs to reconsider its stance on Bitcoin ETFs
Cameron Winklevoss’s criticism of the SEC’s handling of Bitcoin ETFs highlights the negative impact it has had on investors. The refusal to approve these products has pushed investors towards less desirable options and offshore venues. Fidelity’s renewed attempt to launch a spot Bitcoin ETF shows that there is still strong interest in this type of investment. The addition of market surveillance agreements aims to address concerns about market manipulation. The SEC should reconsider its stance and focus on protecting investors and fostering fair markets, which would lead to better outcomes for U.S. investors.
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