It has now been revealed that before he became SEC Chairman and while teaching at MIT, Gary Gensler wanted a speedy Bitcoin spot ETF approval.
Coverage:
Gary Gensler has been a man of controversy ever since he took over the top administrative spot at the US SEC. Under his leadership, the regulator body has launched an aggressive crackdown on the crypto market.
SEC’s actions have sometimes come off as witch-hunt, and many have voiced their concerns on that. The issue of the approval of a Bitcoin spot ETF has claimed center-stage in the duels between SEC and the crypto industry of late.
Close to 10 entities have applied for an ETF, and SEC has largely been playing the delay card whenever a deadline for a final decision is around the corner.
He Called It “Inconsistent”
Now, it has been revealed that Gary Gensler really wasn’t always against Bitcoin spot ETF approvals. While teaching at MIT, Gary went on record, with video evidence, saying that the failure to approve a BTC spot ETF while approving a futures ETF was a glaring inconsistency.
This is especially since the regulatory rules covering both spot and futures ETFs are similar. There’s therefore no reason why a Bitcoin spot ETF shouldn’t be approved when a Bitcoin futures ETF is allowed. Gary Gensler said as much in an interview with SEC commissioner Hester Pierce.
It’s worth noting that Hester is one of the most vocal pro-crypto commissioners at SEC and has gone on record criticizing the commission’s biased policies that a lot of people see as aimed at to suppressing the industry.
Gary Changed Tune
The evolution of Gary Gensler’s heart regarding Bitcoin spot ETFs suddenly came about he joined US SEC as the Chairman. Since then, Gary’s tenure has been marked with increased aggressiveness of the SEC towards the crypto industry.
Gary Gensler has spearhead several high-profile cases targeting popular crypto entities, among them Ripple, Coinbase, and even Binance. SEC has also been embroiled in lawsuits involving others like Grayscale. Grayscale seeks SEC’s approval for a Bitcoin spot ETF, but SEC has been dilly-dallying on the matter.
As a matter of fact, many have seen Gary’s work at the helm of SEC as largely focused on witch-hunt against the Bitcoin and crypto industry. Gary’s own stint as a Bitcoin and blockchain proponent while lecturing at MIT has been somewhat of a taint on his current character.
Experts Expect A Bitcoin Spot ETF Approval Soon
There has been almost 10 Bitcoin spot ETF applications currently pending approval or denial by the US SEC. While SEC has been very reluctant at giving an outright verdict on any of the applications, experts are confident that the odds are in favor on an approval.
Now the question is no longer about whether or not SEC will approve a Bitcoin spot ETF, but when it will do so. There’s growing optimism that this could happen within the next 6 months right before the next Bitcoin halving.
