Gary Gensler approved the ETFs — but now he’s striking back
The Securities and Exchange Commission — forced by courts to permit Bitcoin ETFs — is abusing recent regulatory rules to discourage Bitcoin ETF investments.
The Bitcoin spot ETF is the first investment product that will allow investors to get direct exposure to Bitcoin’s (BTC) price through traditional and regulated investment products. It’s the first investment product linked to Bitcoin that the baby boomer generation is familiar with and can widely feel comfortable investing in.
The approval came after a lengthy lawsuit led the D.C. Circuit Court to rule that the SEC had been hypocritical in approving Bitcoin futures ETFs but not spot ETFs. SEC Chairman Gary Gensler made clear his distaste in having to vote for the ETFs in a statement following the vote. (Most ETF approvals, even those that have consistently lost investor funds since approval, have not been accompanied by a statement from the chairman, much less one that recommended against investing in it).
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