Former SEC official: Bitcoin spot ETF is a Ponzi scheme
Former enforcement officer of the US Securities and Exchange Commission (SEC), John Reed Stark, posted on social media platform X stating that the only proven use of cryptocurrency is its ability to support crime, money laundering, and other known human vices.
Promoting a bitcoin ETF spot product is another way for financial giants to charge fees for pursuing the product. Bitcoin spot ETFs are a Ponzi scheme and are marketed as a means of providing inclusive finance to those without bank accounts, but in reality, they are a predatory means of providing inclusive finance. The rebound in the current market indicates the general enthusiasm for the product, which is a "carefully planned scam."
John Reed Stark claims to support Better Markets' call for market regulators to reject all applications submitted to date.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
London-Listed Crypto Firm Vinanz Secures $4 Million to Expand U.S. Bitcoin Operations and Pursue Nasdaq Dual Listing
Vinanz, a Bitcoin-focused firm listed on the London Stock Exchange, has successfully raised $4 million in funding to accelerate its expansion into the U.S. market and explore a potential dual listing on Nasdaq. This strategic move was disclosed in a recent regulatory filing and marks a significant step in Vinanz’s growth trajectory.
Bitcoin breakout to $120K on radar as markets forget Fed July rate cut
3 reasons why Ethereum price could rally to $5,000 in 2025
Bitcoin Targets $110K Amid Institutional Inflows
Trending news
MoreCrypto prices
More
