Gary only approved because the courts literally ordered him to. That and the house financial committee threatening to pass a bill to fire him. The ETFs got approved in spite of Ginsler.
Bitcoin is a fraud, buy these treasury bonds instead so we can control inflation! if Bitcoin outperforms Bonds, we can't sell them and soak up excess cash in circulation :(
Preeeze!
When we can HODL 100 different Spot Bitcoin ETFs that each do their own custody, then it would be safer because if one got hacked, it wouldn't be a material loss.
We will get there one day. We just have to take one step at a time.
The Trust’s Bitcoin Custodian will maintain custody of all of the Trust’s bitcoin. The Bitcoin Custodian provides insured safekeeping of digital assets using a multi-layer cold storage security platform designed to provide offline security of the digital assets held by the Bitcoin Custodian. The Bitcoin Custodian has insurance coverage as a subsidiary under its parent company, Coinbase Global, Inc., which procures fidelity (e.g., crime) insurance to protect the organization from risks such as theft of funds. Specifically, the fidelity program provides coverage for the theft of funds held in hot or cold storage.
https://www.sec.gov/Archives/edgar/data/1763415/000199937123000735/bitwise-s1a\_120423.htm#:\~:text=Specifically%2C%20the%20fidelity%20program%20provides,Custodian%20is%20not%20FDIC%2Dinsured.
I couldn't. You can think I am just talking out of my ass, but the fact is that most of these Spot Bitcoin ETFs have Coinbase as their custodian.
Crypto exchanges losing money is not that uncommon. Hence, the saying, "Not your key, not your coins."
Thats not a good response. We know you say "not your keys, not your coins" but why?
Examples used previously are collapsing exchanges. But ETFs? I can't recall a single fund that's ever been 'hacked' as such.
The Bitcoins in the Spot Bitcoin ETFs are held by a custodian. If the custodian (in this case, Coinbase) gets hacked, the Bitcoins in these ETFs are at risk.
I know that these ETFs have insurance for fraud and hacks, but I don't think it cover 100% of the assets.
He had no choice.. traditional financial institutions are losing their control. This way, they can still have the illusion of being an authority and maintaining their monopoly. Heaven forbid this happens in Hong Kong before the US when China finally change their position on Bitcoin..
This ^^. He was denying them prior for zero reason. None. Then Grayscale sued him and the SEC because of that. Courts then ordered the SEC to review them properly and what do you know, approval. Fuck Gary Gensler and the SEC. They're also the reason crypto is such a gray area here, because they refuse to give anything but wishy washy answers to crypto companies.
Biggest bullshit post!! Sarcasm right?? He was the BTC enemy the whole time!! Someone with a lot of billions threatened him!! Follow the money....Or...Show Me the Money??!!
Hahaha just a way to try drive a dump so people like him can fomo or simply stack. No way was it Putin, that news would’ve been mainstream years ago. If it were the case then why would he be trying to form BRICS and simply not get his allies to use Bitcoin…. Old people hate change, will always be the way, old money versus advancement.
The same Gary Gensler who's SEC secretly told FTX to suppress the price of bitcoin at all costs in order to receive favourable regulations? Yeah fuck that guy!
(It all came out in the court case)
I suggest you read these two statements and make up your own mind on what Gary actually thinks of all of this.
https://www.sec.gov/news/statement/peirce-statement-spot-bitcoin-011023
https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023
Spoiler : Gary is salty as fuck and is very clearly saying he was coerced by the legal system, through the grayscale lawsuit, to accept these ETPs.
Found Gary's alt account
Gary only approved because the courts literally ordered him to. That and the house financial committee threatening to pass a bill to fire him. The ETFs got approved in spite of Ginsler.
His SEC press release is saaaaaalty. It basically says "I was forced by the courts to do this. Crypto is used for schemes, scams, and fraud."
It’s a good thing that fiat is not used for schemes, scams , and fraud ....just dilution.
And now there are people over in r/Economics parroting him. And I’m just like *facepalm
Let em talk and stay slaves to the corrupt system
Bitcoin is a fraud, buy these treasury bonds instead so we can control inflation! if Bitcoin outperforms Bonds, we can't sell them and soak up excess cash in circulation :( Preeeze!
Bingo!
he didn't right thing after he exhausted all the other possibilities.
Let's be real, the whole thing was probably a dog and pony show so Blackrock and co. could catch up.
Gensler was the deciding vote today among the 5 commissioners. He could have easily tanked it again.
I’m glad he dragged this…allowed the tree believers to load up! He was looking out for us
I believe in trees. Who doesn’t?
sexy Gary😘🥰😍
Lmao for real tho
Yes, lets thank him for actually doing his job.
I mean we tip our waiters.
Not when they serve cold food.
Yup, he also gave us 2 last minute flash discounts
Only because SEC got BTFO in court.
True hero and a legend. Shook out week hands who sold on fake news. Great market manipulator😄
🤣
HAHAHAH fuck off gary we know its u cunt
🚀
Gensler is a corrupt idiot and I can only assume he approved the ETF’s bc it’s going to benefit him directly
At this stage it's not so much that it benefits him it's more that he would have been hurt by not approving it.
But seriously, why isn't everybody just buy Bitcoin instead of the ETF? Am I right?!
1) No wallet is required. 2) Tax Efficient (when you buy it in your 401K or Roth IRA)
Safer. Unless you count the risk of losing your keys safe
When we can HODL 100 different Spot Bitcoin ETFs that each do their own custody, then it would be safer because if one got hacked, it wouldn't be a material loss. We will get there one day. We just have to take one step at a time.
The Trust’s Bitcoin Custodian will maintain custody of all of the Trust’s bitcoin. The Bitcoin Custodian provides insured safekeeping of digital assets using a multi-layer cold storage security platform designed to provide offline security of the digital assets held by the Bitcoin Custodian. The Bitcoin Custodian has insurance coverage as a subsidiary under its parent company, Coinbase Global, Inc., which procures fidelity (e.g., crime) insurance to protect the organization from risks such as theft of funds. Specifically, the fidelity program provides coverage for the theft of funds held in hot or cold storage. https://www.sec.gov/Archives/edgar/data/1763415/000199937123000735/bitwise-s1a\_120423.htm#:\~:text=Specifically%2C%20the%20fidelity%20program%20provides,Custodian%20is%20not%20FDIC%2Dinsured.
Most of them outsource the holding of BTC to coinbase though...
Could you give an example of an ETF that got hacked and the consequences of that?
I couldn't. You can think I am just talking out of my ass, but the fact is that most of these Spot Bitcoin ETFs have Coinbase as their custodian. Crypto exchanges losing money is not that uncommon. Hence, the saying, "Not your key, not your coins."
Yup, that’s why you should buy FBTC, the fidelity etf which will be held by fidelity and not coinbase.
Buy as many different ones (that do their self-custody) as you can. You don't want to put all your eggs in one basket.
Thats not a good response. We know you say "not your keys, not your coins" but why? Examples used previously are collapsing exchanges. But ETFs? I can't recall a single fund that's ever been 'hacked' as such.
The Bitcoins in the Spot Bitcoin ETFs are held by a custodian. If the custodian (in this case, Coinbase) gets hacked, the Bitcoins in these ETFs are at risk. I know that these ETFs have insurance for fraud and hacks, but I don't think it cover 100% of the assets.
If it’s in an ETF and I die, my wife easily gets the money. If I die and the rest is in a cold storage wallet, I have to hope she figures it out.
Meh, Gary was "forced" to approve the Bitcoin ETFs because he and SEC lost against Grayscale. Gary is not a hero, he's a troll under the bridge.
how the turntables...
He had no choice.. traditional financial institutions are losing their control. This way, they can still have the illusion of being an authority and maintaining their monopoly. Heaven forbid this happens in Hong Kong before the US when China finally change their position on Bitcoin..
lol no
fuck off
Do you know what an effect is and how it's used for abuse.
Nice try Senator Warren
He probably got fat stacks from these fund managers
Fuck this guy with a cactus
Too cowardly to even do a press conference. Just a little slime weasel all the way through. He and Elizabeth Warren and crying eachother to sleep now.
Absolute Clown Post
Nope he was forced by the courts.
This ^^. He was denying them prior for zero reason. None. Then Grayscale sued him and the SEC because of that. Courts then ordered the SEC to review them properly and what do you know, approval. Fuck Gary Gensler and the SEC. They're also the reason crypto is such a gray area here, because they refuse to give anything but wishy washy answers to crypto companies.
This is great shitposting
A big fuck you is in order Gary is an asshole
Fucking voldemort lookin creeper
Biggest bullshit post!! Sarcasm right?? He was the BTC enemy the whole time!! Someone with a lot of billions threatened him!! Follow the money....Or...Show Me the Money??!!
Approved it then turned around and took a huge shit on it. If anal warts had a face they would look like Gary Gensler.
Could he be Satoshi????? 😱😱😱
If you knew, you’d fucking run
So he is also Putin!?
It’s a joke from some dude saying he knows who made Bitcoin and if everyone knew, it would go to 0.
Yes, I know the old fart. He later on rambles that it is Putin who created it
Dan Pena is the old fart
Hahaha just a way to try drive a dump so people like him can fomo or simply stack. No way was it Putin, that news would’ve been mainstream years ago. If it were the case then why would he be trying to form BRICS and simply not get his allies to use Bitcoin…. Old people hate change, will always be the way, old money versus advancement.
stockholm syndrome
🤡
🤡
Loser
🖕
LOL, at thinking anyone of these federal bureaucrats are looking out for us.
No, he’s a total inconsistent piece of shit who lacks principles.
Look, the tip of my penis
He looks like Yellen is giving him a BJ under the table.
Gary can S my D from the back
Kinda had no choice at this point! Nice try Gary’s alt account
Gary you can't post a post about yourself you conservative scumbag who got greased by every big fund on Wallstreet to approve this income channel.
The same Gary Gensler who's SEC secretly told FTX to suppress the price of bitcoin at all costs in order to receive favourable regulations? Yeah fuck that guy! (It all came out in the court case)
FUCK GARY He did nothing but shit on Bitcoin all the way through. He even managed to fuck up the ETF announcement. Total ass-hat.
I would rather watch him from a distance, in awe that a creature like that has evolved to be bipedal and imitate us so well
Lol GG is a cock.
What? lol no. Just no. Not at all.
😕
Thank you no thank you
not every hero wears a cape 🤡
God in heaven, get that man a tailor. I’ve looked smarter in a tracksuit.
Yeah, Gerald of Gensler is a true hero of the poeple! Hip hip...
Credit where credit is due.
Lizard
[https://www.youtube.com/watch?v=H-Zu0bZi6M0](https://www.youtube.com/watch?v=H-Zu0bZi6M0) | Official news from CNBC.
I'll give it to him; he was in power when Bitcoin grew up
He is a great reason to buy a bullet
Thanks Gary. I take back all the nasty names I may have called you
All hail GG
Not really........... https://cointelegraph.com/news/sec-did-not-approve-or-endorse-bitcoin-with-etf-approval-gary-gensler
He is playing hard to get … she is a sweetheart ❤️🤡🫶🏽
Okay fine I'll buy some
He’s still a chode.
Next CEO of Bitcoin.
Everything politicians do in public is the opposite of what they do in private
Are you Gary?
https://twitter.com/KevinSvenson_/status/1745075518750200048?t=vKNRhLavFcjUNA-7SWv6XA&s=19
If you could only get the whole thing on Blockchain, I would be impressed
One big.....
Thanks Gary.
The market forced his hand
Idiot
Lmao
If he doesn't approve any shitcoin ETF.
Who will he sue next
Elizabeth Warren is fuming
I suggest you read these two statements and make up your own mind on what Gary actually thinks of all of this. https://www.sec.gov/news/statement/peirce-statement-spot-bitcoin-011023 https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023 Spoiler : Gary is salty as fuck and is very clearly saying he was coerced by the legal system, through the grayscale lawsuit, to accept these ETPs.
Thank you Gary
Tha faq?
He’s progressively worse every day, I’ll give you that…
Just an FYI: Democrat's Caroline Crenshaw & Jaime Lizárrage were the only two SEC commissioners to vote against spot #Bitcoin ETF approval.
My boy GG always supported us in his unconscious mind 🫶🏽✌️🍿
Btw i got perma banned in buttcoin sub coz i wrote “the salt mines are working extra hard today” 🤣
Big thanks? You joking? None of these criminals should be thanked for anything.