From Nasdaq:

Joe Saluzzi, co-founder of Themis Trading, criticizes SEC chairman Gary Gensler for approving spot Bitcoin ETFs, stating that Gensler “caved” in to pressure. Saluzzi predicts future losses for cryptocurrency owners and accuses Gensler of overlooking necessary surveillance for cryptocurrency markets.

Saluzzi believes that the SEC’s approval of the Bitcoin futures ETF was a mistake and criticizes Gensler for prioritizing it over the legal context surrounding Ethereum ETFs. He states that the approval of the Bitcoin ETF gives unwarranted approval to cryptocurrency and allows for the proliferation of cryptocurrency-related financial products.

Saluzzi criticizes ETFs for providing a “seal of approval” to cryptocurrency and compares leveraged ETFs to “gambling,” calling them unsuitable for the stock market. He also dismisses the backlash against Vanguard for not offering Bitcoin ETFs as “laughable.”

Drawing an analogy to NFL timeouts, Saluzzi suggests that the Federal Reserve should hold off on rate cuts and predicts that they will only begin in May due to the economy’s resilience. Despite ongoing discussions about the mainstream adoption of Bitcoin ETFs, they are still not firmly established within the narrative.

Overall, Saluzzi’s criticism of the approval of cryptocurrency-related financial products by the SEC, his caution regarding cryptocurrency ETFs, and his predictions about the Federal Reserve’s actions provide valuable insights into the future of cryptocurrency markets and financial regulations.



Read more: EXCLUSIVE: Why Gary Gensler ‘Should’ve Held The Line’ On Bitcoin ETFs, And SEC’s ‘Biggest Mistake’