Will new SEC boss approve the first Bitcoin ETF?


Now it’s official: Gary Gensler will take over from Jay Clayton at the helm of the SEC. This one wasn’t exactly known for a crypto-friendly course. Is Gensler taking a different direction?

The US Senate As expected, Gary Gensler took over as chairman of the Securities and Exchange Commission (SEC) confirmed. Many important decisions for the crypto market depend on him. This not only includes the applications for Bitcoin ETFs, which are likely to pile up on his new desk.

But Gary Gensler will also have to deal with the aftermath of the hustle and bustle surrounding GameStop shares. The Wall Street Bets case has led to numerous calls for investigations into possible market manipulation – and how this can be prevented in the future. For example, one question is whether it is feasible to switch from the current two-day accounting period for stocks to one day.

Whether Gensler will go down in history as the first person at the top of the SEC to approve a Bitcoin ETF is already the subject of much debate. The pressure on him is immense. The calls for a change of course are getting louder, even from within the SEC itself. For the past eight years, the agency has repeatedly rejected applications for a Bitcoin ETF. Concerns about fraud, custody and excessive volatility were consistently cited as arguments against.

Gensler has a reputation as a blockchain expert

Gary Gensler will likely continue to focus on digital asset security. In fact, the SEC’s audit priorities have crypto values ​​and the “safety of client funds and assets” as one of the top priorities. The crypto investors are optimistic about Gensler as he is considered a Professor at MIT Conducted research and lectures on the topics of blockchain and digital currencies.

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During his confirmation hearing before the Senate Banking Committee last month, Gensler was still very diplomatic. He was rather evasive when asked if he would implement changes to the policies of his predecessors at the top of the SEC regarding crypto. On that occasion, however, he said he supported some of the panel’s earlier decisions. This included the exclusion of Bitcoin (BTC) from the regulatory area of ​​the commission.

Bitcoin and other cryptocurrencies have brought a new way of thinking to financial planning and investor involvement. I would work with my fellow Commissioners to encourage the new innovation, but also essentially to ensure investor protection. For example, if something were a security, it would clearly fall under SEC securities regulation

so his statement.

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