Bitcoin Maxi Advocates for SHIB ETF to Mock the SEC

July 10, 2024
Bitcoin Maxi Advocates for SHIB ETF as a Mockery to SEC

A prominent Bitcoin maximalist is calling for the approval of exchange-traded funds (ETFs) for meme coins like Shiba Inu (SHIB), in response to the recent approval of an ETF that bets against Coinbase stock. 

The call, framed as a mockery of the U.S. Securities and Exchange Commission (SEC), comes as Coinbase awaits a decision from the Commodity Futures Trading Commission (CFTC) on its filings for futures products tied to SHIB and other cryptocurrencies.

Fred Krueger, a Bitcoin maxi with a Ph.D. from Stanford, took to X to express his frustration with the SEC’s seemingly contradictory stance on crypto-related financial products. He argued that if the SEC allows an ETF with the ticker “FIAT” to bet against Coinbase, it should also permit ETFs for various cryptocurrencies, including meme coins. 

Krueger’s call for a SHIB ETF serves as a critique of the SEC’s seemingly arbitrary decision-making. He argued that if the regulatory body allows products that bet against the crypto industry, it should also permit products that facilitate investment in it. 

Krueger’s comments, directed at Bloomberg Intelligence ETF analyst Eric Balchunas’ announcement of the FIAT ETF, called the SEC “one big, complete joke.” The timing of Krueger’s remarks coincides with Coinbase’s anticipation of a response from the CFTC regarding its filings for futures products tied to Shiba Inu and four other cryptocurrencies. 

A positive decision by the CFTC could pave the way for a potential SHIB ETF filing and eventual approval. The approval of crypto futures products by the CFTC typically signifies that the underlying asset is considered mature enough for derivatives trading, lending legitimacy to the asset class.

While the SEC has been hesitant to approve spot Bitcoin ETFs, citing concerns about market manipulation and investor protection, the approval of a Bitcoin futures ETF in 2021 marked a significant milestone for the cryptocurrency industry. The recent approval of the FIAT ETF, which allows investors to bet against Coinbase stock, has further fueled the debate over the SEC’s regulatory approach to crypto-related financial products.

This sentiment resonates with many in the crypto community who perceive the SEC’s approach as inconsistent and overly cautious. While the future of SHIB and other meme coin ETFs remains uncertain, the ongoing debate over the SEC’s regulatory approach to crypto-related financial products highlights the growing tension between innovation and regulation in the digital asset space. 

As the market continues to mature, the pressure on regulatory bodies to adapt and provide clear guidelines for crypto-related investments is likely to intensify.

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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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