A video from the MIT Bitcoin Expo 2019 conference appeared on social networks, where Gary Gensler discussed blockchain regulation with SEC Commissioner Hester Peirce. He said that if Bitcoin and Ethereum futures ETFs exist, but spot ETFs do not, then this situation seems completely illogical to him. Even if the laws are not exactly the same, they are very similar, Gensler added.
The crypto community was hit by a wave of indignation, since Gensler has now radically changed his position. To date, the SEC has only approved futures ETFs. The agency has received many applications from large companies wishing to launch spot ETFs, but the regulator is in no hurry to approve them and has already repeatedly postponed the deadline for their consideration. The SEC motivates this by saying that the funds will not be able to protect investors from market manipulation.
“It turns out that in this video Gary Gensler admits that he is wrong. How we miss the calm and normal Gensler,” write users on the social network X.
In the spring, another video from 2018 was released, in which Gensler said that three-quarters of the cryptocurrency market was not a security. This also caused outrage among crypto enthusiasts, who called Gensler a hypocrite.
Previously, asset management company Grayscale sued the SEC for unreasonably refusing to convert the GBTC fund into a spot ETF. Recently, the court ordered the department to reconsider Grayscale’s application and cancel the order banning the launch of Bitcoin ETFs.
Source: Bits
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