The guys whole pump made it sound like it's available right now with no problems. Creating a etf out of the thin air with it's own crypto sure sounds like a sound investment.
Just in: Right, thought so. Bald assed guy says all the lawsuits are just growing pains. Just five hits out of at least 3 pages with no repeats? With bitcoin exchanges closing down monthly and new ones popping up with no history and unknown players, yea, I want to dump a 100k into that etf.
Washington wakes up to Covid-fueled investment risks as crypto, SPACs tank
"ETF investors say Coinbase listing will cause explosion in crypto investing"
A wave of pandemic-era speculation in Bitcoin and new shell corporations known as SPACs is crashing. Washington policymakers are now scrambling to come to the rescue of investors.
A bitcoin ATM is seen inside the Big Apple Tobacco Shop in New York City. | Michael M. Santiago/Getty Images
By KELLIE MEJDRICH
05/20/2021 08:32 PM EDT
A wave of pandemic-era speculation in Bitcoin and new shell corporations known as SPACs is crashing, and Washington policymakers are scrambling to come to the rescue of investors.
After a year of letting markets run wild, lawmakers are calling for a crackdown amid concern that many small investors are about to be burned. The move for government intervention is increasingly bipartisan as markets gyrate, setting up a clash with business interests.
Senate Banking Chair Sherrod Brown (D-Ohio) urged the Biden administration's new bank cop to stop issuing licenses to financial firms at the heart of cryptocurrency trading. Sen. John Kennedy, a Louisiana Republican, is proposing the first bill to regulate SPACs — special purpose acquisition companies — that have no commercial operations but promise investors they will buy other firms to form conglomerates. The House will hold a hearing on SPACs on Monday.
The intensifying scrutiny comes after Bitcoin suffered a 30 percent drop at one point Wednesday. A market index linked to SPACs is down by more than 30 percent from February.
[...]
On the SPAC front, the U.S. Chamber of Commerce is concerned about a provision of Sherman's bill that would remove legal protections that allow the shell companies' promoters to avoid lawsuits over statements they make about a future business while promoting a deal.
“We believe that Congress, and the SEC, both have very important roles to play both with cryptocurrencies, as well as with SPACs,” said Tom Quaadman, executive vice president of the U.S. Chamber Center for Capital Markets Competitiveness. But removing legal protections for SPACs would trigger the Chamber's opposition, he said.
But even lawmakers like Tillis, who say they prefer lighter regulation, argue that it's time for officials to take a closer look at how investors are faring in the new markets.
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