SEC Chair Gensler’s Approval Of Bitcoin ETFs Met With Criticism And Contradictions |

US Securities and Exchange Commission (SEC) Chair Gary Gensler’s recent approval of Bitcoin ETFs has stirred up controversy as he simultaneously voiced criticism and unfounded claims against Bitcoin and the broader crypto industry.

In a CNBC interview, Gensler made statements that raised eyebrows among industry participants.

Bitcoin ETFs Approval Fails To Shift Genler’s Stance On Crypto

While acknowledging the approval of the ETFs, Gensler emphasized that the SEC does not endorse or approve Bitcoin itself. The SEC chair referred to Bitcoin as a “speculative and volatile asset”, highlighting its alleged use for illicit activities and money laundering. 

How To Get Free Crypto  

Gensler dismissed the notion that Bitcoin can serve as a store of value or a widely accepted payment method, implying that its primary utility lies in illicit transactions.

Interestingly, one of the CNBC interviewers, Joe Kernen, challenged Gensler’s claims. Kernen pointed out that, in comparison to the 20,000 units of dollars used for money laundering, only 33 units of Bitcoin were associated with illicit activities

Kernen also highlighted Bitcoin’s robustness, comparing it to gold and its longstanding use as a monetary asset. He emphasized that the Bitcoin blockchain has operated flawlessly for trillions of transactions, underscoring its reliability.

Gensler, however, largely sidestepped Kernen’s remarks and continued his critique of Bitcoin. The SEC chair expressed concern about the centralization that has occurred in the Bitcoin market, despite its initial vision of decentralization. 

Coinbase Banner  

Gensler argued that the approval of Bitcoin ETFs has contributed to this centralization by aligning the cryptocurrency with traditional financial systems, differing from the initial mission of Satoshi Nakamoto.

SEC Chair Casts Doubt On Ethereum ETF Possibility

In response to Senator Elizabeth Warren’s criticism of the SEC’s decision to approve Bitcoin ETFs, Gensler defended the agency’s actions, stating that he respects the law and believes that approving the ETFs was the correct path forward.

Regarding the possibility of an Ethereum ETF, Gensler expressed skepticism. He labeled Ethereum as a security, in contrast to Bitcoin, which he deemed a non-security token. 

Overall, SEC Chair Gensler’s mixed messaging, approving Bitcoin ETFs while simultaneously criticizing the cryptocurrency, has sparked debate and confusion within the crypto community. 

FreeBitcoin Banner  

As the industry continues to evolve, the implications of these contradictory statements and the SEC’s regulatory approach will be closely scrutinized.

The daily chart shows BTC’s price drop. Source: BTCUSDT on

At present, the price of Bitcoin stands at $43,500, representing a decrease of nearly 7% over the past 24 hours, coinciding with the commencement of ETF trading.

The long-term effects of these index funds on the price of the largest cryptocurrency are yet to be determined. It remains to be seen how the introduction of these ETFs will impact Bitcoin’s value over time.

Featured image from Shutterstock, chart from 

Go to Source
Author: Ronaldo Marquez

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.