Gensler, defeated, but still vindictive. This time, it’s finally there: as expected by many players in the cryptosphere – and by giants of traditional finance -, the first spot Bitcoin ETFs validated over there Securities and Exchange Commission (DRY) Wednesday January 10, 2024. Even after his capitulation, Gary Genslerthe president of the SEC, does not want to give up his arms in his “personal Vietnam” against the cryptocurrency sector.
Gary Gensler half-heartedly concedes victory for spot Bitcoin ETFs
A little before 10 p.m. (French time) on January 10, 2024, The new has officially fallen. Despite a ultimate screw-up of the Securities and Exchange Commission (which caused a “ error 404 » on the original link of the declaration), the American institution has indeed massively approved 11 spot Bitcoin ETFs.
Exchange-traded funds that the head of the SEC, Gary Genslerpersists in calling “ AND P » (exchange-traded products) in its declaration, even though several requests include the term “ETF” even in their name !
“Today, the Commission approved the listing and trading of a number of shares of spot Bitcoin exchange-traded products (ETPs). (…) Since President Jay Clayton in 2018 and until March 2023, the Commission has deprecated more than 20 repositories of exchange rules for spot Bitcoin ETPs. (…) The Commission is neutral (sic) on merit and does not take positions on particular companies or investments, or the underlying assets of an ETP. »
Excerpt from Gary Gensler’s statement on the approval of spot BTC ETFs
The president of the SEC still intends to do battle with cryptos
Another big first for Gary Gensler: he finally clearly concede that Bitcoin is a commodity/commodity (commodity). Which also means that the king of cryptos is out of jurisdiction of the Securities Commission (securities).
“It is important to note that the Commission’s action today is limited to ETPs holding a commodity that is not a security: Bitcoin. »
Gary Gensler
But for other cryptocurrencies, the head of the SEC don’t plan to leave them alone. There still seems to be a desire to classify as many cryptos as possible (all except Bitcoin?) as securitiesunder its coercive jurisdiction.
“ [Cette apprrobation] should in no way signal the Commission’s willingness to approve listing standards for crypto-assets of the type securities. The approval also does not signal anything about the Commission’s view (…) on the current state of non-compliance of certain participants in the crypto-asset market (…). As I have said in the past (…), the vast majority of crypto-assets are investment contracts and are therefore subject to federal securities laws. securities. »
Gary Gensler
Sore loser launches final insults against Bitcoin
Until the last lines of his statement, Gary Gensler will strive to say as much bad as possible of the crypto sector, and even of Bitcoin, which it has just brought fully into traditional finance.
“Although we are neutral (sic) on merit, I would like to point out that (…) Bitcoin is primarily a speculative and volatile asset, which is also used for illicit activities, including ransomware, money laundering, sanctions evasion and financing of terrorism. »
Gary Gensler
It’s okay, it’s okay, Gary, you lost, no need to add more. Especially that the cliché on “illicit activities” is so hackneyedthat even specialists in tracking fraudulent transactions, such as Chain Analysisrecognize that this type of transaction is an ultra-minority drop of water In a growing ocean of legitimate transactions. And same thing on extreme exaggeration of (tiny) role of cryptos in the financing of terrorism. Despite Gensler, Bitcoin now has its spot ETFs, that’s the main thing!