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In a recent development, an asset management company, BlackRock, filed an application with the US Securities and Exchanges Commission seeking approval to launch a Bitcoin spot ETF.
The Bitcoin community excitedly received the news and continued to cheer BlackRock for the move. However, Cardano founder Charles Hoskinson thinks their behavior is unethical and represents greed.
Bitcoin Maxis Shades Other Asset Managers While Cheering BlockRock’s Attempt To Launch Spot Bitcoin ETF
BlackRock applied to launch its iShares Bitcoin Trust on Thursday, June 15. If the SEC approves the application, the fund indirectly exposes investors to Bitcoin spot trading through BlackRock, the world’s largest asset manager.
Bitcoin enthusiasts believe the SEC will approve BlackRock’s ETF application since the firm is influential and well-connected in the United States.
Some BTC maximalists escalated the excitement, seemingly shading other asset managers who previously attempted the same feat as BlackRock.
But a notable BTC maximalist, Paine, was among those shading other asset management firms while echoing support for BlackRock to get SEC’s approval for its spot BTC ETF.
In a June 15 tweet, Paine hyped BlackRock as the US’ most politically influential and connected entity. The Bitcoin maxi touted his optimism on the asset manager’s ability to receive approval from the SEC to launch its spot BTC ETF.
“BlackRock is probably the most politically powerful & connected entity in the United States. I bet this spot BTCBTC ETF will be approved,” said Paine.
He added that everything SEC chair Gary Gensler and other agencies did in the past was to a cover to prune off “undeserving frontrunners” and “let the anointed have their due.”
Although Paine did not specifically mention names, his tweet did not sit well with many. They interpreted it as an indirect ridicule and insult to companies like Grayscale that have also sought approval from the SEC to register a spot Bitcoin ETF.
Charles Hoskinson’s Reaction
In response to Paine’s post, Chris, a prominent Cardano enthusiast popularly called ‘TheOCryptobro,’ slammed the BTC maxi for his statement.
Chris slammed Paine for suggesting that “industry pioneers and travel blazers” like Grayscale are undeserving of SEC’s approval for their spot BTC ETF application.
Unexpectedly, Chris’ comment attracted Cardano founder Charles Hoskinson’s attention. In a June 15 tweet, Hoskinson said: “Bitcoiners defending BlackRock is all you need to know about their ethics, mental state, and greed.”
It is worth noting that Grayscale has filed several applications seeking the SEC’s approval to launch a spot Bitcoin EFT in the US. But the SEC rejected the asset manager’s applications for spot BTC ETF and approved futures Bitcoin ETFs.
For that, Grayscale sued the SEC, challenging the commission for rejecting its application to convert its Bitcoin Trust to a spot ETF.
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