Noelle Acheson of the Crypto is Macro Now newsletter poured cold water on the possibility of the U.S. Securities Exchange Commission approving BlackRock’s Bitcoin ETF application, saying, “It’s not going to happen.”
The Bitcoin community largely took the news of the ETF application positively.
For example, Peter McCormack pondered whether its approval would spark a bull market. Similarly, YellowBlock co-founder Teddy Clep said, “If approved, expect a pump that will break your screen.”
However, others expressed caution, such as Twitter account Consumers’ Research – raising an exception to the company’s pro-ESG stance. While Will Clemente pointed out that BlackRock CEO Larry Fink had previously called Bitcoin an “index of money laundering.”
ESG refers to criteria for assessing environmental, social, and governance standards. Some have claimed it is a tool of social control and a scam in that a high ESG score does not necessarily equate to responsible corporate behavior.
SEC’s track record
With the SEC’s track record on the spot BTC ETF approvals, in conjunction with the ongoing U.S. regulatory war against crypto, Acheson is not alone in thinking a spot Bitcoin ETF would not win approval – with Bloomberg analyst Eric Balchunas putting hypothetical 575-1 odds on it happening.
Acheson explained to CryptoSlate that BlackRock is aware its application will not get approved but filed anyway to send a political message.
When quizzed on what she meant, the Crypto is Macro Now writer said Fink is a Democrat supporter and likely a significant donor. He seeks to send a “subliminal message” to the White House to have them re-examine their aggressive regulatory approach to crypto.
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bakkt is the latest U.S.-based crypto platform to delist Cardano, Polygon, and Solana because of the recent regulatory uncertainty surrounding these assets, Fortune reported on June 16.
Bakkt’s general counsel and secretary Marc D’Annunzio reportedly said:
“[Bakkt is taking this measure] until there is further clarity on how to compliantly offer a more extensive list of coins.”
The U.S. Securities and Exchange Commission (SEC) had labeled the delisted assets as security in its lawsuit against Binance and Coinbase. The financial regulator alleged that the crypto exchanges violated federal securities law and facilitated the trades of unregistered securities tokens.
Meanwhile, the teams behind these digital assets have vehemently rejected this SEC classification.
Bakkt previously delisted digital assets
Bakt delisted 25 digital assets in one swoop in May, including Filecoin, Avalanche, Uniswap, Chainlink, Cosmos, Stellar, and Internet Computer. At the time, a company representative attributed the firm’s decision to the regulatory changes occurring in the crypto space.
Before that, Bakkt had delisted Algorand and Decentraland in April following an SEC lawsuit against Bittrex.
Meanwhile, Bakkt supports eight cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Litecoin, USDC, and Shiba Inu.
Regulatory uncertainty pushing exchanges to act
SEC’s recent regulatory onslaught has forced several U.S.-based crypto firms to reassess their crypto listing.
During the last seven days, at least two crypto trading firms have announced their decision to end support for some digital assets the SEC had labeled as securities. On June 9, Robinhood said its platform would end support for ADA, SOL, and MATIC by June 27.
Three days later, another trading platform eToro ended its U.S. customers’ access to four cryptocurrencies, including DASH, MANA, ALGO, and MATIC.
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
The link between US Treasuries, the dollar-yen carry trade and Bitcoin
CryptoSlate's latest market report dives deep into the connection between the Japanese yen and U.S. Treasuries and its potential impact on Bitcoin.
