Gold bug and Bitcoin hater Peter Schiff predicts new SEC regulations that could negatively impact Bitcoin’s value. Schiff predicts that these moves by the SEC will lead to sharp declines in the BTC price. Meanwhile, VanEck has decided to delist the futures Bitcoin ETF after the spot ETF.
Peter Schiff: SEC Chairman hasn’t said his last word yet!
Peter Schiff, a well-known economist and one of Bitcoin’s harshest critics, thinks that United States Securities and Exchange Commission (SEC) Chairman Gary Gensler is “backed into a corner” regarding the approval of spot Bitcoin ETFs. cryptokoin.comAs you follow from , the SEC approved multiple applications last week. This allowed ETFs to begin trading on the American market for the first time. But Schiff maintains that Gensler hasn’t had the last word. In this regard, he expects his future actions to impact the cryptocurrency industry, more specifically Bitcoin. In this regard, Peter Schiff says the following:
Since Gary Gensler has backed himself into a corner regarding the approval of Bitcoin ETFs, I think he will soon introduce new onerous crypto regulations that will significantly increase the cost of Bitcoin transactions, further weakening the “use” case and causing a sharp drop in price.
SEC will work on AML, not securities!
Meanwhile, many X users oppose Schiff’s theory. They remind us that Gensler has repeatedly stated over the years that Bitcoin (BTC) is the only crypto with commodity status. They say this means regulatory changes from the SEC will be a difficult process. The Economist claims that the SEC Chairman may change his mind on this issue. He suggests that potential rules would be about anti-money laundering (AML) and not securities law. In this context, he makes the following statement:
I probably won’t approve the edits. So I don’t hope to be proven right. I just think I’ll be proven right in the end.
VanEck will delist Bitcoin Strategy ETF
VanEck decided to remove shares of Bitcoin Strategy ETF. This decision comes about a week after the firm received approval from the SEC to list shares of its spot Bitcoin ETF. VanEck said in an announcement on Jan. 17 that its board of trustees approved the liquidation and termination of the BTC Strategy ETF on the Cboe BZX Exchange, where it has been listed since November 2021. In this context, VanEck made the following statement:
VanEck continually monitors and evaluates ETF offerings on a number of factors, including performance, liquidity, assets under management and investor interest, among others. The decision to liquidate the fund was made based on analysis of these factors and other operational considerations.
Shareholders will be able to sell their Bitcoin Strategy ETF shares until January 30, the asset manager said. He also noted that the fund under the ticker XBTF will be delisted from the exchange by February 6.
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