Matt Walsh stated that Gary Gensler, the SEC chair may have met with an anti-crypto organization and come up with a motive to bring down the cryptocurrency sector.
Gary Gensler And The Anti-crypto Unit
According to Matt Walsh, the General Partner at Castle Island Ventures, Gary Gensler created relations with an organization or agency that was against the approval of the Bitcoin EFTs. Several financial institutions such as Blackrock had submitted their applications and were eagerly waiting for their approval. However, the SEC postponed the decision after the media had made it clear that the announcement would have been made by 13th August.
Better Markets went ahead and said that SEC should not take into consideration the matter of enabling the spot ETFs to have a chance in the market. The members of the organization also said that the spot ETFs have high volatility and can be subject to manipulation through altering of trading volume easily hence the investors could be scammed easily.
Looking at their website, it is possible to see that Elizabeth Warren and Gensler had commented. Matt suggested that this proved that Gensler could be working for the bad of the cryptocurrency sector. We are yet to confirm if this was against the law. Walsh also said that it was strange for Gary to have met with the organization more than 9 times. Indeed, it spells out collusion of the highest order.