Bitcoin maximalist Fred Krueger has referred to as for exchange-traded funds (ETFs) for meme cash like Shiba Inu, although in a lighthearted method.
Krueger voiced this sentiment in a latest commentary on X, lamenting the SEC’s approval of an ETF he finds undeserving. Particularly, he expressed apprehension on the launch of the YieldMax Brief COIN Choice Earnings Technique ETF, which has the ticker image “FIAT.”
This ETF goals to generate month-to-month yields by utilizing an artificial lined put technique on the share worth of the widespread inventory of Coinbase (COIN). Whereas it advantages when COIN’s share worth decreases, its potential positive aspects are restricted.
Emphatically, the ETF seeks to supply inverse publicity to COIN’s share worth, with a cap on potential positive aspects. Bloomberg Senior ETF analyst Eric Balchunas disclosed that the issuer plans to launch an identical ETF centered on Nvidia Company (NVDA) with the ticker image “DIPS.” Nevertheless, this new ETF just isn’t but prepared for imminent launch.
Shiba Inu ETF Ought to Additionally Launch
In the meantime, Krueger, a staunch Bitcoin maximalist, sarcastically remarked that it’s astonishing that an ETF with a ticker image like FIAT has been accredited.
Krueger argued that if the U.S. regulator is keen to greenlight such a product, they need to additionally permit ETFs for different cryptocurrencies like Shiba Inu, Dogecoin, Solana, and just about every other asset. He went on to criticize the SEC, calling it “one huge, full joke.”
Actually, there’s now an ETF with the ticker “FIAT” which buys put choices on CoinBase and sells calls.
If they permit stuff like this, they need to permit ETFs for DOGE, SOL, and SHIB and the rest underneath the solar. The SEC is one huge, full joke. https://t.co/n6UEYfzpDp
— Fred Krueger (@dotkrueger) July 10, 2024
Notably, the SEC has been a long-standing skeptic of cryptocurrencies, having solely accredited spot ETFs for Bitcoin after a court docket defeat. Nevertheless, because the January approval for Bitcoin spot ETFs, the company has additionally endorsed an identical product for Ethereum, with buying and selling set to begin this month.
At present, an ETF looking for publicity to Solana is underneath assessment. Earlier than asset supervisor VanEck submitted an software to record a Solana ETF, Adam Cochran, a associate at CEHV, recommended that ETFs for meme cash like Dogecoin may additionally emerge.
Curiously, the Shiba Inu group just lately mobilized to signal a petition demanding Grayscale contemplate launching a Shiba Inu ETF.
Aaron, the host of the favored channel Altcoin Each day, recommended earlier this month that Coinbase’s CFTC-regulated Shiba Inu futures contract may open the door for a SHIB ETF. A regulated market has been one of many key necessities for the SEC’s approval of ETFs.
