Gary Gensler is a clown. I've said it multiple times on my blog and will reiterate it here. I even dedicated a whole post to this matter a while back. A few years ago, while still teaching young students economics at universities, Gary explained why Ethereum is a commodity and not a security.
Then, while he was in charge of the SEC for quite some years, he stated that most cryptocurrencies, except Bitcoin, are securities. Just the other day, he was "forced" to approve an ETH ETF, thus basically making it clear that ETH is not a security.
Following the approval of Spot Ethereum ETFs, Coinbase Chief Legal Officer Paul Grewal says that Ethereum is effectively deemed a commodity. In a post to X, the Coinbase executive says that ETH is a commodity “as we’ve always known it to be.”
source
Much clown, so wow...
Anyway, the long-awaited spot ETH ETF got approved in the United States the other day, and to me, the outcome is clearly a result of BlackRock's exposure to such business. If it wasn't for BlackRock, I believe we would not have any spot ETFs approved in the US anytime soon, neither for BTC nor for ETH.
The largest investment fund in the world by assets under management had a word to say...
Eight spot Ethereum ETFs were approved in an omnibus order earlier today. Yet it may be a while longer before they go live.
The SEC approved the 19b-4 forms for Ethereum ETFs, which include offerings from BlackRock, Fidelity and Grayscale. For these products to start trading, however, their S-1 registration statements need to go effective.
source
This event, to me, was nothing more than a "buy the rumor, sell the news" situation. As the market has shown, the capitalization of all coins, Bitcoin included, has drastically inflated due to speculation, only to deflate back just a few hours after the official news.
That does not mean that the ETF won't have a positive impact on the price of ETH once these spot ETFs go live, although Grayscale might once again see outflows, as happened with the BTC ETF. We are in a bull market, and despite the corrections ahead, the overall trend is up. Thus the saying: the trend is your friend until the end.
There will be an end to all the hype that is about to kick in. Once everyone and their mothers start buying Bitcoin and all sorts of shitcoins, to me, it is the time to exit all markets... All of them. No bubble inflates endlessly without popping or having to be artificially deflated.
Despite the good news we had yesterday regarding the ETH ETF, I have some other news that I am more excited about.
The US House of Representatives passed H.R. 5403, the CBDC Anti-Surveillance State Act, sponsored by Majority Whip Tom Emmer (MN-06).
The legislation blocks the creation and issuance of a central bank digital currency (CBDC) without explicit congressional authorization, aiming to safeguard Americans’ financial privacy.
The bill aims to prevent unelected officials from developing a CBDC that could infringe on Americans’ financial privacy. It specifically prohibits the Federal Reserve from offering certain products or services directly to individuals and restricts the use of CBDCs for monetary policy.
source
I am not an American, and such a bill does not affect me directly, but I am aware enough to realize that whatever happens in the US, the EU happily applies, no matter how hideous it might be. Having some sort of certainty that the US won't have CBDCs anytime soon is more bullish to me than the damn ETF.
CBDCs are designed as programmable money, which makes them worse than any current bank money. They are the opposite of decentralized cryptocurrencies and cash, which anyone can use privately without borders.
I need to clarify something for whoever still reads my blog. When I say that I will exit all markets once peak euphoria kicks in, by no means do I plan on cashing out everything into a bank account. No sir, my version of staying in cash in the following years implies using decentralized stable coins such as HBD as a safe haven during the bear market.
The fight is not over for our right to sovereignty, especially when it comes to money, and although I believe these spot ETFs in America are worth cheering, I believe we should also focus a lot on leveraging decentralized crypto projects to the max when it comes to disrupting the system. The current governance and banking system needs to be dealt with a lot of caution.
Anyway, don't get shaken out during the current well-deserved dip, don't forget to take profits on pumps all the way up, and don't sleep on HBD once the profits start pouring in... Said the one who messed up two bull markets in a row...
Thanks for your attention,
Adrian