If you thought the regulatory circus wasn’t entertaining enough, SEC Chairman Gary Gensler‘s recent Halloween tweet will surely leave you bewildered. In celebration of the 15th anniversary of Satoshi Nakamoto’s white paper, Gensler’s tweet has stirred quite a reaction, particularly from Stuart Alderoty, Ripple’s legal head.
The tweet not only pondered whether anyone would recognize the elusive Bitcoin creator if they were unmasked on Halloween but also served as a warning to crypto firms to abide by securities laws.
In his Halloween tweet, Gensler issued a stark caution to unsuspecting crypto investors.
Don’t fall for “can’t-miss” opportunites
Stuart Alderoty wasted no time in taking a dig at Gensler, highlighting the irony of the SEC Chairman’s casual social media presence while the SEC faced allegations of bypassing Congress for specific regulatory actions. He pointed to a recent report from the U.S. Government Accountability Office, which scrutinized the agency’s adherence to the Congressional Review Act in a specific accounting bulletin.
This exchange between Gensler and Alderoty underscores the escalating tension between the regulatory body and Ripple, a major player in the crypto sphere. The U.S. Securities and Exchange Commission (SEC) has been demanding a $770 million penalty from Ripple for violating securities laws. This development comes after the SEC lost some legal battles against Ripple and dropped charges against Ripple’s CEO.
Read More: Gensler Fuels Hope for Bitcoin ETF Approval, Says 8–10 Applications Under Review
Gensler’s enigmatic tweet has left industry experts speculating about its deeper implications. Some, such as Elliot Johnson, Chief Investment Officer and Chief Operating Officer of Evolve ETFs, are wondering if it hints at an impending approval for Bitcoin ETFs, which could signal a shift in the regulatory landscape.
Eric Balchunas, a senior ETF analyst, emphasized the importance of keeping cryptocurrency topics at the forefront of regulatory discussions, even if Gensler’s remark was meant as a form of “regulatory humor.”
In a tweet dated October 31, Dave Nadig, an ETF commentator, directed a question at senior Bloomberg ETF analysts James Seyffart and Eric Balchunas, pondering whether Gensler might be allowing spot Bitcoin ETF applications to accumulate, only to deny them all at once in what he called a “semi-comedic rug-pull.”
“I’m sure it will be much more boring than this — but sometimes it does feel like this is all a setup for a giant Gensler semi-comedic rug-pull,” said Nadig.
Responding to the comment, Seyffart admitted that the thought of such a scenario has “lingered” in his mind for weeks if not months. “Would be epic on his part, though,” he added.
In response, Balchunas also piped in, describing a potential rug pull as “amazingly sadistic” and noted that it would probably “trigger [a] wave of lawsuits. “
Also Read: Gary Gensler Might Not Be Replaced Due to President Biden’s Influence
As the landscape shifts, all eyes are on these influential players, eagerly awaiting their next moves. The crypto community looks to regulatory bodies for clarity, hoping for a balanced approach that encourages innovation while safeguarding investor interests.
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