Bitcoin ETF

Bitcoin

Gary

Spot

Bold

The post <a href="https://coinpedia.org/news/gary-genslers-bold-statement-on-crypto-post-bitcoin-etf-approval/" rel="noopener noreferrer nofollow">Gary Gensler’s Bold Statement On Crypto Post Bitcoin ETF Approval</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The U.S. Securities and Exchange Commission (SEC) officially approved all Bitcoin Spot ETFs on January 10, 2024, following a rollercoaster of confusion earlier in the day. However, the SEC’s stance on Bitcoin and cryptocurrencies remains unchanged.
Following the approval of Grayscale Bitcoin ETFs and other issuers, Gensler clarified the SEC’s position in an <a href="https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023" rel="noopener noreferrer nofollow">official statement</a>, stating,
<blockquote class="wp-block-quote">
 “While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse Bitcoin.”
</blockquote>
He urged investors to exercise caution, highlighting the various risks associated with Bitcoin and crypto-related products.
Gensler further emphasized that the approval of spot Bitcoin ETFs should not be interpreted as an official endorsement of crypto assets by the Commission. He clarified that the decision does not signal the SEC’s willingness to approve listing standards for crypto asset securities. Instead, it is in compliance with legal requirements, and “the approval is the most sustainable path forward.”
<h3 class="wp-block-heading" id="h-dissenting-opinion">Dissenting Opinion</h3>
While the approval marked a significant development in the mainstreaming of crypto, there were dissenting voices within the SEC.
Commissioner Caroline Crenshaw expressed concerns, saying, “They put us on a wayward path that could further sacrifice investor protection.” On the other hand, Commissioner Hester Peirce considered it the end of an unnecessary saga, referring to the recent judicial rebuke the SEC faced over Grayscale’s application.
<h3 class="wp-block-heading" id="h-market-impact">Market Impact</h3>
The SEC’s approval of spot Bitcoin ETFs stands as a landmark moment. After the SEC’s compromised tweet, Bitcoin prices initially rallied to a 19-month high but later retraced following Gensler’s clarification. The approval has finally opened the door for several prominent ETFs, including those from ARK 21Shares, Invesco Galaxy, VanEck, and others.

Gary Gensler’s Bold Statement On Crypto Post Bitcoin ETF Approval

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