The SEC is delaying its decision on spot Bitcoin ETF applications. This brings controversy. According to some, the reason for this delay in decisions is Binance, the crypto exchange targeted by the SEC!
Binance is under fire from the SEC and regulators!
As you follow on Kriptokoin.com, Binance is under fire from regulators for potential market manipulation and AML violations. If Binance is pushed aside, traditional financial giants like BlackRock and Fidelity could dominate the crypto industry. The crypto community is eagerly awaiting the Securities and Exchange Commission’s (SEC) decision on spot Bitcoin ETF applications. In the midst of this wait, a new perspective emerged that sheds a different light on the delay. Satoshi Stacker, a crypto expert, suggests that the hold may be linked to Binance.
But why would the SEC delay its decision on a spot Bitcoin ETF because of Binance? What does Binance have to do with it? And what does this mean for the future of the crypto industry? Satoshi Stacker says the SEC is buying time for regulators to scrutinize Binance further. Meanwhile, traditional finance players like BlackRock and Fidelity are showing a growing interest in the crypto space. These, too, are emerging as a huge competitor for Binance.
https://twitter.com/StackerSatoshi/status/1698627827703087420
Whispered rumors of potential incompatibility issues such as market manipulation and Anti-Money Laundering (AML) have tarnished the crypto giant’s reputation. Satoshi Stacker says that if these allegations gain weight, pushing Binance aside could pave the way for traditional finance giants to step in. Thus, he argues, it will “clean up” the image of the crypto industry.
Who benefits if Binance stays out?
With Binance coming under the spotlight, traditional finance giants like BlackRock and Fidelity could see a clear path to dominate the crypto industry. It is possible that this change will not only be lucrative for these established companies, but also benefit the US government. Traditional financial institutions are more likely to comply with set regulatory standards. This gives government bodies the control they seek over borderless crypto.
Rumors that the Department of Justice (DoJ) is preparing a lawsuit against Binance add fuel to Satoshi Stacker’s theory. Additionally, the DoJ is reportedly considering potential fraud charges against Binance. The analyst suggests that the SEC’s decision delay could be a strategy to give the DoJ enough time to build a solid case.
The wait continues for Spot Bitcoin ETFs
In the latest development, the SEC has delayed the decision on six major spot Bitcoin ETF applications. Thus, it left the industry in a very difficult situation. Big players like WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie and Wise Origin Bitcoin Trust by Fidelity found themselves in this waiting game. Given the SEC’s recent courtroom defeat against Grayscale, many are predicting that the agency may soon give the green light to the much-anticipated spot Bitcoin ETF.
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