SEC Chairman Gary Gensler reiterated in a recent interview that approving a Bitcoin spot ETF does not represent an 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: Grayscale’s 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%.
Table of Contents:
Gary Gensler: Bitcoin spot ETF contradicts Satoshi Nakamoto’s vision
Response to Senator Warren’s criticism
Gensler’s response to Ethereum spot ETF
The U.S. Securities and Exchange Commission (SEC) approved a Bitcoin spot ETF on the 11th, and Chairman Gary Gensler also issued a statement at that time, explaining the key to this decision is Grayscale’s ruling and emphasizing that despite the approval of a Bitcoin spot ETF, Bitcoin itself remains a speculative, volatile asset used for illegal activities, and investors need to exercise caution.
Just yesterday (12th), Gensler reaffirmed this point during 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 recognized the innovative aspects of the Bitcoin system. Gensler stated during the interview:
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 wrong. If the SEC intends to integrate cryptocurrencies into the traditional financial system, then cryptocurrencies following basic anti-money laundering rules are more urgent than ever before.”
In response, Gensler emphasized 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 recent decision by the SEC was specific to Bitcoin. He stated:
Gensler’s comments seem to imply that if Ether can be considered a “commodity,” there is no reason not to approve an Ethereum spot ETF. At the beginning of the year, Bloomberg ETF analyst James Seyffart stated that when the SEC approved nine Ethereum-related futures ETFs last year, it “implicitly” acknowledged Ethereum as a commodity.
Eric Balchunas, Bloomberg’s 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%.
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