Gary Gensler had the opportunity to stop a spot Bitcoin ETF, so why didn’t he?
Many speculated that the SEC chair had no choice but to approve the investment vehicle after a court-ordered review of Grayscale’s spot Bitcoin ETF application.
On Jan. 10, after a false start the day prior, the United States Securities and Exchange Commission (SEC) under chair Gary Gensler gave the green light to a spot Bitcoin (BTC) exchange-traded fund for the first time.
The decision by the SEC to approve a spot cryptocurrency investment vehicle for the first time raised questions about Gensler’s intentions. Since taking office, the SEC chair has often spoken about the risks of crypto investments, connecting digital assets to fraud and scams.
Yet, when the SEC held a vote to decide on a spot Bitcoin ETF, Gensler was one of three commissioners who voted to approve the offerings. Commissioners Hester Peirce and Mark Uyeda voted in favor of the ETF alongside Gensler, while Caroline Crenshaw and Jaime Lizárraga dissented.
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