Macro Guru Raoul Pal Says SEC 'Fighting A Cultural Movement' As Parody Song Taking Dig At Gary Gensler Goes Viral: 'Good Luck With That'
Portfolio Pulse from Mehab Qureshi
Former Goldman Sachs executive Raoul Pal commented on the SEC's ongoing battles with the crypto industry, stating that the SEC is 'fighting a cultural movement'. This comes in response to a parody song criticizing the SEC's stance on categorizing NFTs and cryptocurrencies as securities. Meanwhile, the SEC has delayed decisions on spot bitcoin ETF applications filed by several companies, including BlackRock and WisdomTree, until October.

September 14, 2023 | 6:54 am
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NEGATIVE IMPACT
The SEC's delay in making decisions on spot bitcoin ETF applications may impact the price of Bitcoin in the short term.
The delay in the SEC's decision on Bitcoin ETF applications may create uncertainty in the market, potentially leading to a short-term decrease in the price of Bitcoin.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Former Goldman Sachs executive Raoul Pal's comments on the SEC's battles with the crypto industry may draw attention to the company.
While the news does not directly impact Goldman Sachs' operations, it may draw attention to the company due to Raoul Pal's former association with it.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50