TL;DR Breakdown
• Some crypto advocates believe that the US Securities Commission is manipulating the BTC trade.
• After the SEC rejection of a new exchange fund, the Bitcoin price was not affected.
After the SEC in the United States rejected Vaneck’s bitcoin spot market exchange-traded fund last Friday, the crypto advocates have been giving their statements. One of the most prominent defenders is Peter Brandt, who recently told fans they should hold out.
Cryptocurrency advocates have sparked a debate following the SEC announcements, where Brandt suggests that Wall Street should not be encouraged to turn crypto BTC into a distribution product. Crypto trading is experiencing a tense time between SEC regulators who have again imposed measures against them and token advocates.
New Vaneck’s ETF denied by the SEC
The North American parliament motivated the SEC’s top regulator to approve an ETF with Bitcoin at the beginning of November. But less than halfway through the month, regulators rejected the new trading fund, saying it lacks protection and could be a scam. After this rejection, the crypto advocates gave their own opinion because it seems illogical this new ETF with Bitcoin was rejected after the first fund was completed.
The first trading fund with Bitcoin launched by ProShares sent over 1 billion dollars in operations, which was a record. Later, the head of the stock market commission told the public what the reasons were that motivated them to approve the Bitcoin ETF.
According to Peter Brandt, one of the biggest crypto advocates, investors should refuse to participate in BTC exchange funds. Brandt believes these hedge funds discredit the virtual market by empowering brokers on Wall Street only looking to turn cryptocurrencies into a distribution product.
Crypto advocates believe SEC regulations are for manipulation
Entrepreneur Preston Pysh believes that cryptocurrencies like Bitcoin are focused on bribery and control. Pysh also talks about the regulations imposed by the commission, saying this will only benefit the powerful on Wall Street.
Some crypto advocates believe these BTC Futures trading funds are easy to alter, which is why the American authority has let the trade flow. The US Stock Commission prevented the new ETF because it is not convenient at the level of manipulation, commented a user on Twitter.
But crypto advocates think this rejection imposed by the SEC did not affect the Bitcoin price. The BTC price remains at $64,023, with a slight spike of 3.03 percent in the last seven days. The leading cryptocurrency in the virtual market remains in the historical range. It is possible that before the end of the year, it will be quoted above $70000 according to the opinion of many experts.
