BlackRock Bitcoin ETF Comment Sparks Controversy for Compound Labs CEO – Coinpedia Fintech News

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Jayson Hobby, the CEO of Compound Labs, has been controversial over an alleged comment letter to the U.S. Securities and Exchange Commission (SEC). The letter in question criticized the proposed BlackRock spot Bitcoin and Ethereum ETFs, citing concerns over hacking vulnerabilities, lack of legal remedies for losses in crypto trading, and issues related to crypto provenance.

The controversy began when a social media user, Pledditor, brought the comment letter to public attention on November 29. Pledditor tagged Jayson Hobby in a post, seeking clarification about his alleged involvement.

Hobby’s Response and Denial

In a swift response, Jayson Hobby categorically denied sending any such email to the SEC. He expressed frustration over someone using his work email address to submit the comment. Hobby highlighted the ease with which false statements could be submitted to federal offices, pointing out a significant flaw in the verification process of the regulatory system. This incident has raised serious concerns about the integrity of the regulatory framework governing the cryptocurrency sector.

Details of the Disputed Comment Letter

The comment letter, falsely attributed to Hobby, delved into various risks associated with publicly listed Spot Bitcoin and Ether ETFs. It mentioned a significant attack affecting Oasis and Summerfi and referred to an undisclosed UK court ruling. The letter’s detailed and authentic-seeming content has led to further confusion and questions about the legitimacy of the information regarding the BlackRock Spot Bitcoin ETF.

Further Developments and Community Reaction

In a later development, cryptocurrency enthusiast Luke Youngblood contacted Jayson, suggesting he submit his letter to the SEC. Hobby responded that the matter was under investigation.

This incident has sparked a broader discussion in the crypto community about the increasing number of fraudulent activities and the need for more robust verification processes in regulatory submissions. The SEC has yet to comment on this specific incident.

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