Shopify COO Swipes at SEC Over Delayed Bitcoin ETF Approval

• Shopify’s COO criticized the SEC for taking so long before approving a Bitcoin ETF.
• Kaz Nejatian thinks the current system stifles honest innovation and turns a blind eye towards charlatans.
• Nejatian thinks the government ignored Sam Bankman-Fried for too long.

Shopify COO Kaz Nejatian has criticized the U.S. Securities and Exchange Commission (SEC) for taking so long before approving a Bitcoin ETF. According to Nejatian, the SEC took nearly a decade to approve a Bitcoin ETF while government leaders were palling around with Sam Bankman-Fried, the former CEO of FTX.

In a recent post on X, Nejatian noted that this is not how the government is supposed to work. He believes the current system stifles honest innovation and turns a blind eye to charlatans. The Shopify COO’s comments appeared after the SEC approved the first Bitcoin ETFs comprising 11 applications. Some of the recently approved ETFs include BlackRock (BLK.N), Ark Investments/21Shares (ABTC.S), Fidelity, Invesco (IVZ.N), and VanEck, according to reports, with most of the products expected to start trading immediately.

Nejatian believes the government and responsible agencies are supposed to be more inclined toward supporting innovations like the recently approved ETFs. He also thinks they are not doing enough to clamp down on bad actors in the crypto industry, referencing the actions of the former FTX CEO over various allegations.

According to reports, Bankman-Fried acquired dozens of properties in the Bahamas, all of which the FTX bankruptcy estate is ready to sell, according to a Tuesday court filing. The properties listed for sale include units where both the exchange’s staff and former CEO Sam Bankman-Fried used to reside.

In the proposed court order, FTX attorneys sought the court’s permission to sell 35 units of FTX-owned real estate in the Bahamas. The lawyers also filed that the properties be sold for at least 80% of the price estimated by the assigned broker.