Messari Founder Says SEC Should Focus On Bitcoin Spot ETF Rather Than Suing Investors

Selkis has taken shots at the SEC again.

Ryan Selkis, Co-founder and CEO of cryptocurrency market intelligence provider Messari, has blasted the Securities and Exchange Commission again for its refusal to approve a spot Bitcoin Exchange-Traded Fund (ETF). 

Selkis’ recent criticism comes after Gary Gensler, Chairman of the SEC, announced that the agency has charged famous American socialite Kim Kardashian for unlawfully “touting a cryptocurrency security.”

“Today, SECGov, we charged Kim Kardashian for unlawfully touting a crypto security. This case is a reminder that, when celebrities/influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors,” Gensler said.

Messari Founder Puts SEC on Blast

The development did not go well for the Messari founder, who asked the SEC boss when he would stop “stealing billions of dollars from investors and approve a spot Bitcoin ETF.”

When are you going to stop stealing billions of dollars from investors and approve a spot bitcoin ETF?

— Ryan Selkis 🥷 (@twobitidiot) October 3, 2022

This is not the first time Selkis has accused the SEC of being responsible for the losses investors have suffered due to the agency’s refusal to approve a spot Bitcoin ETF.

In August 2022, Selkis called out the Securities and Exchange Commission a fraud for not approving BTC spot ETF, causing investors losses worth $7 billion.

“$7B has been lost to the SEC’s fraud in failing to approve a spot ETF at the expense of Grayscale investors,” Selkis said.

SEC Rejecting Spot Bitcoin ETF Applications

It is common knowledge that the SEC has failed to approve a spot Bitcoin ETF in the United States despite the numerous applications the agency has received over the years. 

Grayscale Investments, a leading digital asset manager, is one of the companies that has made significant efforts toward launching the investment product. However, all efforts to get a spot Bitcoin ETF approved by the SEC have ended in futility for Grayscale and other companies.

The digital asset manager’s recent shot at a spot Bitcoin ETF was also turned down by the top U.S. security regulator, prompting the company to file a class action against the SEC.

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