In what could turn out to be a shocking revelation, Matt Walsh, the General Partner at Castle Island Ventures, claimed that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler previously had a relationship with an organization that recently submitted a comment against the approval of a spot Bitcoin ETF.
In recent times, the news around Bitcoin ETF filings by top asset managers like Blackrock invoked hopes of upward movement for Bitcoin price.
Better Markets, an independent organization, argued that the SEC should disapprove the proposed rule change to allow spot ETF. The organization said the spot bitcoin markets have a history of artificially inflated trading volumes owing to manipulation.
The organization’s website shows that Gensler, along with anti-crypto Senator Elizabeth Warren, shared testimonials for the website. Matt Walsh indicated that both share interests in supporting the organization.
It remains to be seen if this amounts to a breach of law. Stating that the SEC chair had met Better Markets as many as 9 times, Walsh said it is unusual for a crypto market player to gain such access.