While the crypto community eagerly awaited the Securities and Exchange Commission’s (SEC) decision on the spot Bitcoin ETF applications, a fresh perspective arises, casting a different light on the delay. Satoshi Stacker, a crypto expert, shares insights suggesting that the wait may be linked to Binance, our beloved top crypto entity.
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? Read on!
Binance Under Fire
Satoshi Stacker believes the SEC is buying time for regulators to further scrutinize Binance. As traditional financial players like BlackRock and Fidelity have shown increasing interest in the crypto space, Binance stands as a colossal competitor.
Whispered rumors of market manipulation and potential non-compliance issues, such as Anti-Money Laundering (AML), have tainted the crypto giant’s reputation. If these allegations hold weight, sidelining Binance could pave the way for traditional finance behemoths to step in, thus “cleaning up” the crypto industry’s image, said Satoshi Stacker.
Read More: Spot Bitcoin ETF Approval Inevitable, Says Former SEC Chairman Jay Clayton
Vying for the Crypto Crown
With Binance under the microscope, traditional finance giants like BlackRock and Fidelity may see an open avenue to dominate the crypto sector. Not only would this shift be lucrative for these established companies, but it could also benefit the US government. Traditional financial institutions are more likely to adhere to set regulatory standards, granting governmental bodies the control they seek over the unpredictable crypto frontier.
Adding fuel to Satoshi Stacker’s theory, the Department of Justice (DoJ) is reportedly crafting a case against Binance, mulling over potential fraud charges. The analyst suggests the SEC’s decision delay could be a strategy to provide the DoJ ample time to build a robust case.
The Wait Continues
As we all know, the SEC has pushed the decision on six significant spot Bitcoin ETF applications, leaving the industry in a lurch. Major players including WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and Wise Origin Bitcoin Trust by Fidelity find themselves in this waiting game.
Given the SEC’s recent courtroom setback against Grayscale, many speculated that the agency might soon give the green light to the much-anticipated spot Bitcoin ETF.
Also Read: Crypto News: Spot Bitcoin ETF Approval Could Ignite the Next Bull Market
Source: https://coinpedia.org/news/expert-says-binance-is-the-reason-for-secs-bitcoin-etf-decision-stalling/