📣 Gary Gensler Greenlights ETFs But Maintains Anti-Bitcoin Position
posted 11 Jan 2024
On January 10, the U.S. Securities and Exchange Commission (SEC) gave its nod to a spot Bitcoin ETF, paving the way for institutional investors to more conveniently access the flagship cryptocurrency.
In the wake of a recent hacking incident, the SEC, led by Gary Gensler, opted not to broadcast this development on social network X. Instead, they issued a formal statement on the SEC's official website. Gensler maintained his critical stance on cryptocurrency, articulating his skepticism.
"While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto," the SEC's press release emphasized.
The release further highlighted, "...bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware,[4] money laundering,[5] sanction evasion,[6] and terrorist financing.
"The approval process included a vote among the SEC commissioners. Two of them, including the famously dubbed "Crypto Mom" Hester Peirce, cast positive votes. On the other hand, Democratic Party Commissioner Caroline Crenshaw opposed the approval, citing concerns about the market's vulnerability to fraud and manipulation and a lack of robust regulatory oversight.
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