How Long Can the SEC Delay a Bitcoin ETF?

Regulators perpetuate the master-serf relationship [Gilder's Daily Prophecy] July 01, 2021 [UNSUBSCRIBE]( | [ARCHIVES]( External Advertisement Not Bitcoin: Billionaires Are Buying THIS Crypto Next… [Official Replay]( over, Bitcoin… Because former hedge fund manager and crypto expert Teeka Tiwari just revealed billionaires have started piling into another coin. [And in this replay of his recent livestream event, he gives you the name of the coin for free.]( Following Teeka’s advice can be incredibly lucrative. He recommended Bitcoin in 2016 when it traded for just $428. Since then, it’s soared to over $60,000… Giving readers the opportunity to multiply their money 120X! But now, Teeka is recommending another coin… [Get His Next Top Crypto Pick For Free Now.]( [Warning] Do you enjoy receiving Gilder's Daily Prophecy? Please [Click Here Now]( so we know to continue sending you Gilder's Daily Prophecy for free! How Long Can the SEC Delay a Bitcoin ETF? [Jeffrey Tucker]Dear Daily Prophecy Reader, This just keeps happening. A major investment company puts together a great idea for an exchange traded fund (ETF) related to Bitcoin and other crypto investments and files it with the Securities and Exchange Commission. The SEC sits on it. Does nothing. Says nothing. No explanation. The eighth such application has just been submitted by ARK Investment Management under the leadership of Bitcoin bull Cathie Wood, in partnership with [21Shares](. The ARK ETF will track the [S&P Bitcoin Index](. It will be physically backed thus protecting investors against the wiles of the crypto markets themselves. It will custody its assets with a Coinbase service. Its pricing will rely on 12 different crypto exchanges. The end result would be a solid win for Bitcoin and other assets, allowing institutional and high-end investors a more conventional means of partaking in the gains from this technology. All without the edgier means of personal management that have been common in the assets for the last 10 years. ARK joins other companies who have done the same: Fidelity, WisdomTree, Greyscale Investments, NYDig, and VanEck. Others have done this too and then withdrawn their applications. The filing itself is a gigantic undertaking and must include a list of possible risks. The ARK filing includes at least 30 pages of them, as if people are somehow unaware that Bitcoin is... rather volatile! There was some optimism in the crypto community when Gary Gensler took the reins at the SEC. In addition to his extensive experience in the financial industry, he is a research specialist in blockchain technology and crypto-assets at the Massachusetts Institute of Technology, and is believed to be something of a fan of Bitcoin. But he is hardly a lone actor here. He faces enormous pressure from all corners, especially with the Treasury and Fed working on their own crypto product. [What 5G wireless carriers are not telling you...]( US Behind the Times Meanwhile, the Toronto Stock Exchange is super giddy about being a happy host to Bitcoin ETFs, with the first having [launched]( in February of this year on behalf of [Purpose Investments](. It’s the first in the world. The celebratory statements by the Toronto Exchange is a delightful contrast to the prudish silence from the SEC: "The launch of trading in the world's first publicly-listed bitcoin ETF establishes another important milestone for Canada's markets,” the statement read, “as we strive to innovate to serve the evolving needs of clients across our marketplace.” Another company doing the same in Toronto is [Evolve Funds Group](. Both are relying on custody services provided by [Gemini]( owned by Tyler and Cameron Winklevoss and based in New York. The company now offers a large range of products, including a Bitcoin credit card. Its ETF services put Gemini in a great position to support such ETFs around the world. They will surely grow, with or without SEC acquiescence. World’s Second-Richest Man’s Latest Bombshell [Bomb]( first BOMBSHELL shook the retail industry and completely turned it upside down. And now the man is targeting another $2 trillion industry with his latest BOMBSHELL It could bankrupt household name companies. It could disrupt established industries... It could make folks like you a fortune. The fuse has already been lit... and on August 23 I believe he’ll reveal a few more details If you missed out on taking advantage of the Amazon success story... don’t miss out again. [Click here now.]( The Attempt to Control Hang-wringing delays by regulators have been the way of regulators for the better part of 10 years. The prevailing ethos has been to force crypto to behave like the monetary and financial worlds of years gone by. As a money, it is supposed to be tracked and traced like dollars. As a form of savings, it is supposed to be subject to know-your-customer rules and every push for full knowledge. And now as an investment, it is supposed to behave like every other financial asset – regulated, safe, protected. The problem from the beginning is that the very structure of Bitcoin was a design intended fundamentally to disrupt this old system. Recall that the initial white paper appeared in 2008, in the thick of the worst financial crisis in generations. It was intended as a new form of money for the digital age, valued not because of its connection to government fiat, but rather precisely because it had no connection to it. It was supposed to be an alternative and hence a safe haven against regulatory mismanagement. The truly revolutionary contribution of Bitcoin’s structure – among many other features – was that it ended the strict separation between the medium of exchange itself and the settlement process. It united both features by creating a money with a built-in payment system that could process transactions without physical proximity, and achieved this without a central point of failure. The blockchain itself is not owned by a private company but depends on a distributed ledger. Such a powerful tool has many uses and adaptations. It’s a money for trading, but also an asset for holding and also offers features that make it behave like security too even though it is not. Add smart contracting services from other crypto assets and you have the makings of an alternative regulatory and legal environment too. The trouble is that regulators have never really been able to figure out what it is. So instead of just realizing that we are dealing with something truly wonderful and completely new, they use every method to fit it into the old world of money and finance. Success has been limited, with market pressures testing the limits daily, while the US falls behind. [Weird Federal rule could turn America on its head]( Democratization of Investing Regulated financial markets have sported the same rationale since the invention of the SEC during the New Deal. Government would protect investors against rapacious enterprises secretly plotting to rob them. The actual results have been gradually to cartelize financial markets for the well-to-do, while creating high barriers to entry for both companies and individual investors. A classic example is the standards for “accredited investors.” Moderate income investors need not apply. Whether intended or not, it created a caste system of access to financial markets. This locked-up system became a driving force behind the popularity of crypto over the last ten years. The barriers to acquiring, holding, and using crypto are in fact very few. Essentially any individual could get involved. I’ve watched for years to see people of all ages and backgrounds feel a sense of personal empowerment from downloading free wallets online and watching price changes, flipping one form of token to another. It’s a completely different world from the stodgy, compliance-focussed, and highly regulated world of conventional finance. Finally bowing to pressure, last year the SEC [updated]( and broadened its definition of “accredited investor,” which for this bureaucracy was a major step. In addition, the SEC in 2015 approved [Regulation A+]( which allows small companies not listed in public markets to raise money from mainstreet investors, at least up to $75 million per year. This change has helped de-cartelize financial markets to some extent and remove a few barriers to innovation. [Publisher’s Note: As you may have heard by now, George just released a brand-new project that is unlike anything he’s done before. Not surprisingly, this project helps connect you to early stage disruptive technology companies. I’m not exaggerating when I say that it could have a life-changing impact on you. It’s your chance to invest directly alongside George – and capitalize on the highest potential tech deals in America today. [Here’s your private viewing link]( available only through Tuesday, July 6.] Losing the Race to the Future Nonetheless, so far, the SEC has been giving serious, robust, and well-developed companies the silent treatment as regards no-brainer products in the crypto space. Bitcoin ETFs should long ago have been available as part of any normal investment portfolio. Only the regulators stand in the way – in the US. Meanwhile, the rest of the world is moving on. People talk often these days about whether and to what extent that America has lost its edge in terms of innovation and growth. After a full year of being locked down and watching governments around the country presiding over the death of 100K-plus small businesses, one sees the point. Few sectors are so deeply afflicted with the master-serf relationship dynamic as financial markets, and the SEC deserves much of the blame. Witness now the silence on Bitcoin ETFs. They are coming... at some point. Regards, [Jeffrey Tucker] Jeffrey Tucker July 14th: America’s Financial Extinction Event? [Woods]( election is over… The corrupt media declared Joe Biden the winner… And that bad news is about to get a whole lot worse… Because the prophetic analyst who predicted the subprime mortgage meltdown… the financial crisis of 2008… and Brexit… Just issued another shocking prediction… If you and your family are not prepared for what he says is coming your way on July 14th… You need to take action now. 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