Gary Gensler and the SEC believes, a futures based ETF where investors bet on the futures market of BTC is a "safer" investment than investing on the physical ETF. A.K.A: they want crypto investors to lose their money.

There was no good reason to deny BTC Spot ETF, and I'm not pissed because they denyed it. They denyed it in such a way that it shows the character of SEC and Gary.

A futures based ETF is more prone to liquidations than the physical ETF, during major crashes the futures market can go down way faster than the under lying asset does. Sometimes by tens of thousands of dollars.

This is due to the liquidations that ocur when the price of asset crashes, so if you bought a BTC futures ETF that has stamp of approval from the SEC, it can go down way faster than BTC actually went during a crash.

And this is what SEC believes is a "safer" investment than approving a Spot based ETF. I reckon they want to see the world burn and crypto investors lose their money so SEC can regulate even more by pulling the "I told you so" card to the Senate.

Even as a non-american this pisses me off.