SEC Inaction on Spot Bitcoin ETF a 'Complete and Utter Disaster,' Says Cameron Winklevoss
Cameron Winklevoss criticized the SEC for its history of failure in approving spot Bitcoin ETFs. He highlighted that it has been ten years since the first application for a Bitcoin ETF was filed by the Winklevoss twins, but it was ultimately rejected. Winklevoss argued that the SEC's reluctance to approve these products has been detrimental to U.S. investors and demonstrated its failure as a regulator. He also pointed out that the lack of spot Bitcoin ETF options has pushed investors towards Grayscale's Bitcoin Trust, which currently trades at a discount. Winklevoss accused the SEC of pushing innovation offshore and forcing investors into unregulated venues. He mentioned the SEC's friction with Gemini, accusing the agency of violating securities laws. Winklevoss expressed hope that the SEC would focus on its responsibilities and support the establishment of spot Bitcoin ETFs in the U.S.