- Ben Armstrong camps outside SEC offices.
- The crypto influencer is lending support for BTC ETF approval.
- ETF applicants made last-minute amendments to their applications.
Talk surrounding spot Bitcoin ETFs has dominated the crypto narrative lately, with expectations riding high on the Securities Exchange Commission (SEC) giving the nod. As the response deadline looms, crypto influencer Ben Armstrong set up camp outside the SEC’s office, vowing not to leave until the ETF approvals are granted.
Bitboy Stages Protest at SEC Offices
Armstrong recently live-streamed outside the SEC’s Washington DC office, affirming his intentions to stay put until the agency has approved spot Bitcoin ETF products. The crypto influencer is protesting the SEC’s hardline stance toward Bitcoin ETF rejections, which began with the Winklevoss Bitcoin Shares filing in July 2013.
Justifying his protest, Armstrong declared that the litany of personnel employed by big-name money managers, including BlackRock’s Larry Fink, “could not get the job done.” However, Armstrong stated that his actions outside the SEC office would drive the ETF approvals, leading to his “Mount Rushmore moment” as a crypto legend.
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“Many men have tried before to do what I’m trying to accomplish here. The fact is, when this ETF gets approved because I’m here, they’re going to be annoyed with me. You guys are all going to respect me, this is really going to be my Mount Rushmore moment in crypto,” remarked Armstrong.
Armstrong called on viewers to join him in Washington, DC, to further the cause and rouse grassroots activism to support his protest. However, most ETF applicants made last-minute re-filings on December 8, suggesting that ETF approvals are a done deal even without people’s power.
Flurry of Re-Filings
With the January 10 deadline looming, nine ETF applicants made last-minute 19b-4 re-filings with the SEC on January 8 in response to additional comments made by the agency.
Perianne Boring, founder of The Chamber of Digital Commerce, took the SEC’s additional comments as a delay signal. However, Bloomberg analyst James Seyffart saw the SEC’s quick response in sending additional comments as a positive sign of applicants working efficiently with the securities regulator to push the applications through.
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Former SEC Chair Jay Clayton waded into the discussion by stating that a BTC ETF approval is “inevitable” and that the agency has nothing left to decide.
On the Flipside
- The SEC rejected previous ETF applications, citing concerns over market manipulation and lack of surveillance.
- Spot Bitcoin ETF products already trade in Canada and the Netherlands.
Why This Matters
While it’s unlikely Armstrong’s publicity stunt alone will sway the SEC’s staunch position, his demonstrative act signifies the mounting frustration amongst cryptocurrency investors over the regulatory barriers standing in the way of mainstream adoption.
Read about BlackRock’s Bitcoin ETF approval expectations here:
BlackRock Expects Bitcoin ETF Approval Wave on Wednesday
Find out more about Coinbase’s plans to expand its global operations here:
Coinbase Makes Play for EU Crypto Derivatives Market
