SEC Approves ETH ETF Before BTC, Ethereum Explodes

Cointelegraph has reported that Gary Gensler has announced that the SEC would be approving an Ethereum spot ETF before they consider approving a Bitcoin spot ETF. The announcement has caused chaos in the cryptocurrency world as many people had been betting on a Bitcoin ETF first. The SEC has cited delays on BTC approval because of negative sentiment about the ETF from the most hardcore Bitcoiners.

It would seem that Bitcoin maximalists have once again stifled innovation, allowing Ethereum to get a leg up. The SEC stated that they felt more comfortable about Ethereum due to its history of reversing transactions, centralized development, and JP Morgan's stake in the protocol. Bitcoin maximalism has a long history of hating on NFTs and other innovations such as higher transaction throughput. The SEC seems to have little to no incentive to help pump the backs of the horrible Bitcoin maximalists.

Following the news, many prominent Bitcoin maximalists have lost their minds. It is rumored that Cory Klippsten has checked himself into a month long therapeutic retreat center in order to work through the trauma of the news. Prominent voices of reason such as Udi and Nic Carter have been dunking on the maximalists like Shaquille O'Neal from back in the day.

Why Bitcoin maximalists continue to refuse to innovate and allow Bitcoin to properly scale is really a baffling question, especially looking at today's news. It would behoove them to not be so adversarial with regulators and innovators in the space. Who knows, maybe the guy who has just discovered Bitcoin has a fresh perspective and actually knows how to fix it.

Many are speculating that the SEC will be soon approving other coins ETF's such as XRP and Cardano in the near future.