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Jack Mallers, CEO and founder of Chicago-based bitcoin payment provider Strike, in a Wednesday interview on Bloomberg stated that the potential approval of spot Ethereum ETFs is a move driven by the interests of the broader financial industry.
What Happened: “Not a fan,” Mallers told Bloomberg when asked about his opinion of the likely-looking approval. But there is a “hilarious story” behind the sudden change in expectations, Mallers continued.
In his opinion, SEC Chair Gary Gensler was proverbially told “Hey, buddy, you’re not in charge anymore” and thus forced to change his stance on Ethereum (CRYPTO: ETH) and the spot ETF decision.
“Banks and Wall Street are making money” with ETFs, Mallers stated, and are therefore interested in financializing more cryptocurrencies to create revenue.
In contrast to bonds, “which are performing awfully,” cryptocurrency ETFs are “way better business.” This, Mallers asserted, led to Gary Gensler’s hand being forced by the interests of Wall Street, despite him thinking Ethereum is a security.
When asked about the potential of Ethereum, Mallers said he sees the entire process as “a distraction” for Wall Street to earn revenue.
Crypto “has life” and Wall Street, according to Mallers, “loves volatility.” However, this process distracts attention from his opinion that “Bitcoin is the only money in crypto.”
Mallers regards Ethereum as “a technology,” but says “the market conflates it as a money and a commodity.”
Unlike Bitcoin (CRYPTO: BTC), which can be “the world reserve asset,” Ethereum is more in competition with other technology companies like Nvidia.
But Mallers considers this Ethereum’s weakness, saying this value proposition “gets confusing” because there is no clear leadership, strong cash flows and a lot of changes in Ethereum’s roadmap, leading to “intentional confusion.”
As “a bitcoiner,” that frustrates Mallers because he is trying to “fix the money, fix the world.”
Also Read: White House Won’t Veto Crypto Bill, But Seeks Stronger Consumer Protections
Why It Matters: The criticism comes as the potential approval of spot Ethereum ETFs will be decided by Thursday at the latest.
The anticipation has prompted cryptocurrency markets to surge, with Bitcoin tipped to hit an all-time high soon and Ethereum-based meme coins benefiting from the increased interest in the network.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Is Donald Trump Accepting Crypto Donations ‘Just Another Cow For Him To Milk?’
