On June 15, the financial giant BlackRock filed for Spot Bitcoin ETF with the SEC. This filing signaled the start of a run on the Bitcoin ETF, with several other applications filed. For its part, the SEC, under the leadership of Gary Gensler, continues to postpone its decision. However, the publication of a video from 2019 calls Gensler’s position into question.
Gensler and the SEC’s “inconsistency”
In 2019, at the MIT Bitcoin Expo, Gary Gensler highlighted the SEC’s inconsistency in its approach to approvals of spot Bitcoin ETFs.
“Bitcoin futures, and I think Ethereum futures as well, will exist, and Bitcoin ETFs haven’t been approved, which seems a little inconsistent to me. »
He added that although the laws are not exactly the same, they are very similar. Obviously, this video from Gensler, who recently (again) resurfaced on social networks, is debated.
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Reactions from the crypto community
The crypto community has been quick to point out the contrast between Gensler’s past views and his current stance regarding Bitcoin spot ETFs.
Since 2017, the SEC has rejected all applications for spot Bitcoin ETFs. A tradition that continues under Gensler’s presidency. He has refused, delayed or rebuffed recent requests for spot Bitcoin ETFs, saying such funds lack protection against market manipulation.
Under the direction of Gary Gensler, the SEC was sued by asset manager Grayscale for rejecting his request to convert his existing Bitcoin trust into a spot ETF. A court ruled that the SEC acted in a manner “arbitrary and capricious” by rejecting the request. The SEC did not appeal the decision.
The regulation of cryptocurrencies and related financial products, such as ETFs, remains a hot topic in the industry. Gensler’s past position, highlighted by this resurfaced video, shows how the regulatory landscape and opinions can evolve over time. As the SEC continues to navigate the murky waters of crypto regulation, the community looks forward to seeing how things develop in the future.
The giant Coinbase is also tired of the SEC. So, Coinbase appeals SEC lawsuit. The platform judges that the SEC is outside its jurisdiction and that the lawsuit should therefore be canceled.
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