[Bitcoin Now] Drops to 38 Million KRW Range... SEC Delays Cryptocurrency ETF Approval Again

SEC Delays Decision on WisdomTree's Bitcoin ETF Approval
DogeCoin Developer Jackson Palmer: "Some Tycoons Are Controlling the Cryptocurrency Market"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] Bitcoin, the representative cryptocurrency that once rose to the 39 million KRW range, has fallen to the 38 million KRW range. This is interpreted as being adversely affected by the repeated delays in approval of Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

According to the domestic cryptocurrency exchange Upbit, as of 2:18 PM on the 15th, Bitcoin recorded 38.31 million KRW, down 0.71% compared to the previous day. It rose to 39.04 million KRW at 10:03 AM that day but then dropped by nearly 1 million KRW.

The SEC's delay in approving Bitcoin ETFs acted as a negative factor. According to cryptocurrency specialized foreign media CoinDesk on the 13th (local time), the SEC decided to postpone the approval decision for the Bitcoin ETF application submitted by U.S. asset management company WisdomTree. The SEC plans to collect opinions from experts and the public for three weeks starting that day. Counterarguments to the submitted opinions will be accepted for a total of seven weeks, including the period for collecting opinions.

The SEC has been continuously postponing its decision on cryptocurrency ETF approvals. WisdomTree's Bitcoin ETF had already had its approval decision delayed once on the 2nd of last month. The SEC also postponed decisions on Bitcoin ETF launches by U.S. asset management companies VanEck, Valkyrie Investments, and SkyBridge Capital.

When Gary Gensler, who is favorable to cryptocurrencies, took office as the new SEC chairman in April, expectations grew that Bitcoin ETFs would soon be launched. However, as Chairman Gensler's view on cryptocurrencies turned negative, it is interpreted that the launch of Bitcoin ETFs is becoming difficult. In May, during a House Financial Services Committee hearing, he pointed out, "Because there is no regulation on cryptocurrency exchanges, investors are exposed to risks of fraud and manipulation."

Meanwhile, Jackson Palmer, known as the developer of Dogecoin, criticized that the cryptocurrency market is controlled by a cartel of some wealthy individuals. On the 14th, Palmer said on Twitter, "A cartel composed of some wealthy individuals completely controls the cryptocurrency market," and "Some celebrities and media have instilled the belief that you can become an overnight billionaire by exploiting financially struggling people." He also pointed out that the cryptocurrency market takes the form of extreme capitalism and lacks any safety nets such as monitoring, regulation, or taxation. In May, Palmer criticized Tesla CEO Elon Musk's actions to pump up Dogecoin prices, calling him a fraud.