SEC Chairman Gary Gensler reiterated in a recent interview that the approval of a Bitcoin spot ETF does not imply endorsement of Bitcoin itself. Furthermore, he pointed out that the launch of a Bitcoin spot ETF contradicts Satoshi Nakamoto’s decentralized vision.
Summary:
SEC Chairman explains the reasons for approving a Bitcoin ETF: the Grayscale case was a turning point, but it does not mean that we endorse BTC.
Background:
Bloomberg analyst: Ethereum spot ETF expected to be listed “this year”! The probability of SEC approval in May reaches 70%.
Article:
Gary Gensler: Bitcoin spot ETF contradicts Satoshi Nakamoto’s vision
Responding to Senator Warren’s criticism
Gensler’s response to Ethereum spot ETF
The U.S. Securities and Exchange Commission approved a Bitcoin spot ETF on the 11th, and Chairman Gary Gensler also issued a statement at the time.
The key to explaining this decision lies in the Grayscale ruling, and it emphasizes that despite the approval of a Bitcoin spot ETF, Bitcoin itself remains a speculative and volatile asset used for illegal activities, and investors need to exercise caution.
Just yesterday (12th), Gensler reiterated this point in an interview with CNBC. He said, “Bitcoin is a highly volatile and speculative asset used for illegal activities.” In addition, he also stated that the launch of a Bitcoin spot ETF is ironic because it contradicts Satoshi Nakamoto’s decentralized mission.
However, he still acknowledged the innovative aspects of the Bitcoin system. Gensler said, “Bitcoin has innovation within it.”
During the interview, Gensler also responded to Senator Elizabeth Warren’s criticism. Warren recently stated, “The decision to approve a Bitcoin ETF is legally and policy-wise incorrect. If the SEC intends to integrate cryptocurrencies into the traditional financial system, then it is more urgent than ever for cryptocurrencies to follow basic anti-money laundering rules.”
In response to this, Gensler said that he emphasizes his commitment to respecting the law when dealing with the complex regulatory environment of cryptocurrencies.
Furthermore, when asked about the possibility of launching an Ethereum spot ETF in the future, Gensler clarified that the SEC’s recent decision was specific to Bitcoin. He stated, “SEC’s approval of Ethereum spot ETF seems possible if Ether can be considered a ‘commodity'”. Bloomberg ETF analyst James Seyffart previously stated that when the SEC approved nine Ethereum-related futures ETFs last year, it “implicitly” acknowledged Ethereum as a commodity.
Eric Balchunas, a Bloomberg ETF analyst who accurately predicted the timing of Bitcoin futures and spot ETF approvals, estimated that the probability of an Ethereum spot ETF being approved by the SEC in May is as high as 70%.
Extended reading:
Bloomberg analyst: Ethereum spot ETF expected to be listed “this year”! SEC has implicitly acknowledged ETH as a commodity.
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