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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Why The SEC Issued A Warning To Bitcoin Futures Investors

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
bitcoin btc btcusd

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The U.S. Securities and Exchange Commission (SEC) has issued yet another cautionary bulletin for Bitcoin investors. Specifically, the Commission has warned about the dangers for BTC futures traders and has asked them to “weigh carefully the potential risks and benefits of the investment”.

The bulletin called “Funds Trading in Bitcoin Futures” is part of a long list of these articles dedicated to cryptocurrencies and digital assets.

The first one was published on July 23, 2013, and was titled “Investor Alert: Ponzi Schemes Using Virtual Currencies”. In this article, the Commission warns investors about Bitcoin and explains in detail the characteristics of a Ponzi Scheme, a type of scam where existing participants received payments from new contributors.

The SEC classified these schemes as non-legitimate investments and claimed to be concern about fraudsters utilizing Bitcoin to commit or facilitate this scam. In addition, the SEC claimed exchange platform could also be part of the illegal scheme.

Despite the date of publication, apparently not much has changed for the Commission as their latest bulleting on BTC claims the following:

investors should consider the volatility of Bitcoin and the Bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying Bitcoin market.

Bitcoin Attack By More FUD

The SEC clarifies that BTC has been classified as a commodity in the U.S. Therefore, futures contracts must be traded with a “regulated and supervised” entity by the Commodities and Futures Trading Commission (CFTC).

The regulator claims that all platforms offering this product to U.S. citizens must comply with certain legal requirements. Caitlin Long, part of the state of Wyoming Blockchain Select Committee, said:

SEC is issuing this investor warning re onshore exchanges, which offer only about 2.5x leverage–just imagine how it views offshore exchanges offering >100x leverage.

At the time of writing, BTC trades at $36,872 with sideways movement in the 1-hour and 24-hour charts. In the derivatives sector, funding rates across exchange platforms have flipped from positive to negative and vice versa during the past few days.

Bitcoin BTC BTCUSD
BTC with small losses in the daily chart. Source: BTCUSD Tradingview

Thus, the general sentiment in the market seems to be following the price action; there is no clear direction. In the short term, BTC must reclaim the higher area around current levels and make a push towards the $40,000 price mark.

The SEC and other U.S. government officials and federal entities have been hitting the market with many negative announcements. From the SEC bulletin to the Department of State’s statements on a BTC ransom recovered from hackers. The market has been susceptible to this news but seems more impervious to their effects.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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