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Bitcoin Maxi Pushes for Shiba Inu ETF, Labels SEC a Complete Joke

source-logo  thecryptobasic.com 10 July 2024 14:50, UTC

Bitcoin maximalist Fred Krueger has called for exchange-traded funds (ETFs) for meme coins like Shiba Inu, though in a lighthearted manner.

Krueger voiced this sentiment in a recent commentary on X, lamenting the SEC’s approval of an ETF he finds undeserving. Specifically, he expressed apprehension at the launch of the YieldMax Short COIN Option Income Strategy ETF, which has the ticker symbol “FIAT.”

This ETF aims to generate monthly yields by using a synthetic covered put strategy on the share price of the common stock of Coinbase (COIN). While it benefits when COIN’s share price decreases, its potential gains are limited.

Emphatically, the ETF seeks to offer inverse exposure to COIN’s share price, with a cap on potential gains. Bloomberg Senior ETF analyst Eric Balchunas disclosed that the issuer plans to launch a similar ETF focused on Nvidia Corporation (NVDA) with the ticker symbol “DIPS.” However, this new ETF is not yet ready for imminent launch.

Shiba Inu ETF Should Also Launch

Meanwhile, Krueger, a staunch Bitcoin maximalist, sarcastically remarked that it’s astonishing that an ETF with a ticker symbol like FIAT has been approved.

Krueger argued that if the U.S. regulator is willing to greenlight such a product, they should also allow ETFs for other cryptocurrencies like Shiba Inu, Dogecoin, Solana, and virtually any other asset. He went on to criticize the SEC, calling it “one big, complete joke.”

Literally, there is now an ETF with the ticker "FIAT" which buys put options on CoinBase and sells calls.

If they allow stuff like this, they should allow ETFs for DOGE, SOL, and SHIB and anything else under the sun. The SEC is one big, complete joke. https://t.co/n6UEYfzpDp

— Fred Krueger (@dotkrueger) July 10, 2024

Notably, the SEC has been a long-standing skeptic of cryptocurrencies, having only approved spot ETFs for Bitcoin after a court defeat. However, since the January approval for Bitcoin spot ETFs, the agency has also endorsed a similar product for Ethereum, with trading set to commence this month.

Currently, an ETF seeking exposure to Solana is under review. Before asset manager VanEck submitted an application to list a Solana ETF, Adam Cochran, a partner at CEHV, suggested that ETFs for meme coins like Dogecoin could also emerge.

Interestingly, the Shiba Inu community recently mobilized to sign a petition demanding Grayscale consider launching a Shiba Inu ETF.

Aaron, the host of the popular channel Altcoin Daily, suggested earlier this month that Coinbase’s CFTC-regulated Shiba Inu futures contract could open the door for a SHIB ETF. A regulated market has been one of the key requirements for the SEC’s approval of ETFs.