Patrick McHenry grills Gensler about Non-Compliance and Bitcoin being a Commodity, NOT a Security 🪙

7 months ago
90
bitcoin btc crypto cryptocurrency SEC Gensler Patrick McHenry fiat inflation central bank banks

During a House Financial Services Committee hearing on Wednesday, Rep. Patrick McHenry (R-NC) grilled SEC Chair Gary Gensler about Bitcoin and his non-compliance with the committee. Gensler has openly said, many times, that Bitcoin is a 'Commodity', not a 'Security', yet the SEC seems to find every reason not to approve Bitcoin Spot ETFs, despite approving Bitcoin Futures. The judge in the Grayscale case said the same, adding that the SEC had no reason to not approve it and the reasons the SEC gave for denying it were, "Capricious and Vague".

There is a reason the SEC is dragging their feet on approving the Bitcoin Spot ETFs for as long as they can while allowing Bitcoin Futures. Futures are being used to keep the price of Bitcoin low, so Government, the Fed, Whales and companies like BlackRock can buy it up on the cheap.

Futures allow you to bet on the future price of an asset. If you also own a lot of the asset you can bet on a low future price, then sell off your reserves of that asset at a higher price, flood the market, which will lower the price of that asset to meet your Futures goal price. You make a shitload of money and now that the price of the asset you sold for $$$ is now $, so you can buy it all back (and more) at a cheaper rate, making even more money.

A Spot ETF doesn't allow this betting on price crap that should be illegal due to the wealthy using it to control prices. With a Spot ETF you must own the underlying asset the Spot ETF is built on. Once a Spot ETF for Bitcoin is approved, massive capital will pour into Bitcoin. And since Bitcoin is a scarce asset where demand doesn't drive an increase in supply, the price of BTC may go parabolic when major financial institutions begin buying up as much Bitcoin as they can to create more shares of their Spot ETF.

Gensler is helping the rich and powerful by dragging his feet on approving a Bitcoin Spot ETF.

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