Who is the SEC protecting..?

The other day the U.S. The Securities Commission (SEC) turned down a proposal for a spot ETF. I know like many of you I am skeptical and when things don’t seem to smell right I ask myself “Who benefits?” and in this case it’s clearly not the consumer. The SEC is charged with protecting retail investors which would make the most plausible kind of ETF to be approved a spot ETF however, the futures ETF was the one that was approved and there are now multiple. The thing about futures ETFs is they don’t end up affecting the underlying assets price much and don’t track the price of bitcoin very closely which causes a disconnect. One can’t help, but realize that by doing this the powers that be are trying to keep the status quo by attempting to put the genie back in the bottle and disrupt bitcoins price discovery.

WHY THIS MATTERS

Bitcoin is arguably the gateway drug to crypto. I for one got into crypto in 2017 because I heard about bitcoin hitting 10k, but went into altcoins. The bottom line is bitcoin is the poster child for the crypto space and the better it does (at least for now) the more people and institutions come into the space, which is something that is good for all of us for many reasons. I won’t pretend to really understand what's going on at the technical level with spot and futures ETFs. I’m just some millennial PE teacher who in my free time hops around discord servers, lurks on various subreddits and listens to a lot of crypto podcasts. Both Mark Yusko and Plan B who obviously are legends have hinted themselves that there could be foul play here with the SECs decision to embrace futures ETFs. I was inspired by /r WallStreetBets a year ago and it feels like this moment could be the spiritual successor of last year's ape fest. Let's break the glass ceiling, the lid they tried to put on bitcoin. Bitcoin is and represents money for the people, the ability to redistribute wealth, and create a more equitable and censorship resistant future. I am lucky to live in the U.S, a country with its own problems as every other country has theirs. However, one thing I think we can all agree on is that the world isn’t perfect, infact far from it, but there is a step we can take to make it much better for us all. If we all banded together and bought up BTC we could move the price by magnitudes, trigger institutional FOMO (who need to reach certain market caps to invest), blow past silver’s MC perhaps or even get within striking distance of gold’s and tell some powerful people you’ve lost now GTFO.

Not expecting much out of this, but I at least wanted to try since I’m just getting so fucking fed (pun not intened) up with corruption and want to see something change the world for the better when it so clearly can.