Crypto News Today: Senator Warren, Gensler and BTC-Spot ETFs

Key Insights:

• BTC-Spot ETF-related updates tested buyer demand for BTC on Friday.
• Senator Elizabeth Warren, SEC Chair Gary Gensler, and Better Markets draw investor attention.
• On Saturday, the focus will be on SEC v crypto case-related chatter and BTC-spot ETF-related news.

Bitcoin-Spot ETF: Amended 19b-4s Submitted!

Bitcoin (BTC) ended the Friday session flat at $44,264. Progress toward a BTC-spot ETF market continued.

Bloomberg Intelligence ETF Analyst James Seyffart announced all 11 BTC-spot ETF issuers remained in the running for SEC approval. Seyffart shared the latest BTC-spot ETF table. The table highlighted all 11 issuers submitted amended 19b-4s, the final requirement before approval.

However, Better Markets submitted a comment letter before the comments window closed.

Better Markets Submits Comment Letter Urging the SEC to Disapprove the Filings

Founded after the 2008 financial crisis, Better Markets describes itself as a non-profit, non-partisan, and independent organization promoting the public interest in the financial markets.

Better Markets submitted a comment letter regarding BTC-spot ETF filings shortly before the window for comments closed.

The comment letter stated,

“We submit this supplemental comment letter (which Better Markets rarely does) because it would be a grave if not historic mistake almost certainly leading to massive investor harm if the SEC approves the pending rule changes.”

Dennis M. Kelleher, Co-Founder, President, and CEO, issued the following statement on the filing,

“The approval of spot bitcoin ETPs would be a historic mistake almost certainly leading to massive investor harm. The immense and unrelenting fraud and manipulation in the bitcoin market means that approving these products would expose millions of American investors and retirees to the very harms that the SEC exists to prevent.”

Kelleher also discussed the legal obligation of exchanges to prevent fraud and manipulation, saying,

“The potential for fraud and manipulation in the spot bitcoin market is so great that an exchange cannot permit the listing and trading of a spot bitcoin ETP and still comply with those requirements.”

Kelleher also called the surveillance-sharing agreements ‘window dressing.’

Fox Business Journalist Eleanor Terrett had this to say about the comment letter,

“I’m not saying this eleventh hour comment letter from Better Markets will negatively impact on SEC approval of a BTC Spot ETF but it’s definitely worth noting that SEC Chairman Gary Gensler and the President and CEO of Better Markets Dennis Kelleher are tight (they served on Biden’s presidential transition team together) and Kelleher himself doesn’t like crypto AT ALL.”

Terrett shared previous comments from Kelleher that warrant consideration.

Better Markets, Senator Elizabeth Warren, and SEC Chair Gary Gensler

The ties between Better Markets go beyond SEC Chair Gary Gensler. Senator Elizabeth Warren wrote a testimonial for the Better Markets website.

Seyffart responded to posts on X (formerly Twitter) linking Senator Warren, saying,

“Would be an absolutely criminal move for this to happen considering the time effort and energy from all these issuers AND from the SEC staff over the last few months.”

A sudden reversal by the SEC would be advantageous for Senator Warren and the Anti-Crypto Army. Senator Warren is behind the Digital Asset Anti-Money Laundering Act, aiming to impose banking-style regulations on the US crypto market. In December, Senator Roger Marshall admitted to drafting the Bill with Senator Warren and with the assistance of the American Bankers Association.

Notably, the admission came after the infamous Banking Committee hearing, where JPMorgan CEO Jamie Dimon said,

“If I was government, I would close it down.”

On Saturday, BTC was down 0.44% to $44,070.

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC breakout from the $44,690 resistance level would give the bulls a run at the $46,020 resistance level.

On Saturday, the focus will remain on BTC-spot ETF-related news.

However, a break below the $42,968 support level would bring the 50-day EMA into play.

The 14-Daily RSI reading, 56.35, indicates a BTC return to the $46,000 handle before entering overbought territory.

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, affirming bullish price signals.

An ETH break above the $2,300 resistance level would support a move to the $2,457 resistance level.

However, a fall through the 50-day EMA would bring the $2,143 support level into play.

The 14-period Daily RSI at 49.73 indicates an ETH break below the $2,143 support level before entering oversold territory.