{"id":184194,"date":"2023-10-31T10:36:42","date_gmt":"2023-10-31T05:06:42","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=184194"},"modified":"2023-10-31T10:36:42","modified_gmt":"2023-10-31T05:06:42","slug":"bitcoin-etfs-may-be-headed-for-one-epic-gensler-rugpull-say-analysts-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-etfs-may-be-headed-for-one-epic-gensler-rugpull-say-analysts-crypto-news\/","title":{"rendered":"Bitcoin ETFs may be headed for one epic Gensler \u2018rugpull,\u2019 say analysts – Crypto News"},"content":{"rendered":"
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There\u2019s a slim chance the United States Securities and Exchange chief Gary Gensler could pull the plug on spot Bitcoin (BTC<\/a>) exchange-traded funds in one \u201camazingly sadistic\u201d move, according to Bloomberg ETF analysts.\u00a0<\/p>\n

In an Oct. 31 tweet directed at senior Bloomberg ETF analysts James Seyffart and Eric Balchunas, ETF commentator Dave Nadig posed whether Gensler may be allowing for spot Bitcoin ETF applications to pile up just to deny them all at once in a \u201csemi-comedic rug-pull.\u201d<\/p>\n

\u201cI’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,\u201d said Nadig.<\/p>\n

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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.<\/p>\n

\u2014 Dave Nadig (@DaveNadig) October 30, 2023<\/a><\/p><\/blockquote>\n

Responding to the comment, Seyffart admitted that the thought of such a scenario has \u201clingered\u201d in the back of his mind for weeks if not months. \u201cWould be absolutely epic on his part though,\u201d added Seyffart. <\/p>\n

Balchunas also piped in, describing a potential rug pull as \u201camazingly sadistic\u201d and noted that it would probably \u201ctrigger [a] wave of lawsuits,\u201d in response.<\/p>\n

However, while both analysts argued the scenario was unlikely, Balchunas conceded that a last-minute denial wasn\u2019t entirely off the cards, and is why he and Seyffart won\u2019t raise the odds of an approval to anything above 90%. <\/p>\n

Related: <\/em><\/strong>First Bitcoin ETF trades $1.5B as GBTC \u2018discount\u2019 echoes $69K BTC price<\/em><\/strong><\/a><\/p>\n

Gensler\u2019s own thoughts on a spot Bitcoin ETF have recently made their way into the spotlight, with a video from 2019 showing Gensler describing the SEC\u2019s position on spot ETF products<\/a>\u00a0at the time as \u201cinconsistent.\u201d<\/p>\n