A group of experts have come together to discuss their thoughts on the US SEC Chairman’s next move on spot Bitcoin ETF approvals, debating whether Gensler may be waiting until the last moment before pulling an “epic” rug pull.

Bloomberg ETF Analysts have entertained the idea that the United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler may have untoward plans for Spot Bitcoin ETF applications. 

The discussion was led by three prominent experts, Senior Bloomberg ETF Analyst Eric Balchunas, Bloomberg Analyst James Seyffart, and ETF Commentator and Financial Futurist David Nadig, in a post on X (formerly Twitter) on October 30. 

Seyffart released an update announcing that Valkyrie Bitcoin Funds, a specialized alternative asset management firm, had joined the prospectus amendment train for spot Bitcoin ETFs. The fund manager had submitted an application for Spot Bitcoin ETF approval to the SEC earlier in June this year. 

Commenting on the update, Nadig stated that he constantly felt Gensler could be staging a rug pull plan to reject all spot applications. 

“I’m sure it will be much more boring than this — but sometimes it does feel like this is all a setup for a giant Gensler semi-comedic rug-pull,” Nadig said.

Responding to Nadig’s statement, Seyffart had also agreed that he had constantly deliberated on the prospects of a Gensler rug pull. He stated that if the rug pull were to happen, it “would be absolutely epic on his part.”

Balchunas joined in on the rug pull theory, stating that it would lead to a series of legal actions and lawsuits. However, he added that a potential Gensler rug pull was doubtful.

“That would be amazingly sadistic and prob trigger a wave of lawsuits but it’s def outside poss and why we won’t go over 90% odds of Jan or earlier approval,” Balchunas stated. 

The number of Spot BTC ETF applications continues to grow as the US SEC deliberates on its final decision to approve applications or provide a stronger defense and clarity for its denial of the ETF applications.

Several industry leaders have joined the race for Bitcoin ETFs, including BlackRock, Ark Invest, WisdomTree, Fidelity, VanEck, Bitwise, and most recently Valkyrie Bitcoin Funds. 

While many asset management competitors have their BTC ETF applications pending, Vanguard Chief Executive Officer, Tim Buckley told CNBC that the asset management firm had no plans of joining the long list of Spot Bitcoin ETF candidates. 

It’s common knowledge that Vanguard Founder, John C. Bogle was adverse to the idea of Bitcoin ETFs and openly displayed his displeasure with ETFs. The Vanguard Founder’s stance on ETFs may not be the reason for Buckley’s rejection of Spot Bitcoin ETFs. 

However, Buckley has stated that the Vanguard firm was focused solely on steering clients toward asset classes with intrinsic values and cash flows, and not digital assets like BTC.

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