Charles Edwards, founder of Capriole Investment, said the purpose of the US Securities and Exchange Commission (SEC) is to protect investors. So far, I’ve only seen the SEC hurt investors.
The Grayscale Bitcoin ETF was rejected again today, hurting a lot of people, citing “risk of fraud and manipulation.” But they allow futures products based on the same spot pricing.
The continued rejection of the Grayscale ETF, which has created “sophisticated investor” cyclical arbitrage trades that take advantage of the GBTC premium, is the root cause of all competing crypto yield games like Celsius and BlockFi, which have undermined this cycle in crypto. The SEC was ultimately to blame.