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front pageToday's NewsSEC approves Bitcoin ETF, but Gary Gensler makes it clear the war on crypto isn’t over yet.

SEC approves Bitcoin ETF, but Gary Gensler makes it clear the war on crypto isn’t over yet.

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The U.S. Securities and Exchange Commission (SEC) approved a spot Bitcoin exchange-traded fund (ETF) on Jan. 10, a landmark development for the cryptocurrency sector, but the commission’s chairman, Gary Gensler, made it clear that his crackdown on the industry is not over.
“While we have approved the listing and trading of certain spot bitcoin ETP shares today, we have not approved or endorsed bitcoin,” he said in a statement. “Investors should remain cautious about the numerous risks associated with bitcoin and its value and cryptocurrencies.”
Gensler said his agency was forced to act by a court ruling in a case against Grayscale Investments last year. In that case, a judge ruled that the regulator’s decision to approve a bitcoin futures ETF but not a spot bitcoin ETF was “arbitrary and erroneous,” a harsh criticism of the agency.
The SEC's spot Bitcoin ETF approval vote was 3 to 2.
Three people were approved:
– Gary Gensler
– Hester Pierce
– Marc Uyeda
There are 2 people who objected:
– Carolyn Crenshaw
– Hemai Lizaraja
Gensler’s radical opposition to this new type of investment vehicle was strongly supported by Commissioners Carolyn Crenshaw and Hermione Lizaraga.
“I am concerned that these products will flood the market and go directly into the retirement accounts of American families who can least afford to lose their savings to the fraud and manipulation that is prevalent in the spot bitcoin market,” Crenshaw said.
The SEC also warned about the risks of cryptocurrencies before approving a Bitcoin ETF.
The comments came a day after Gensler made comments about the cryptocurrency industry on X, criticizing the industry’s “serious risks.”
If you are considering making an investment involving crypto assets, please proceed with caution.
Crypto-asset securities may be marketed as new opportunities, but there are serious risks.
Read the SEC's Director of Investor Education's opinion:
— Gary Gensler (@GaryGensler)
January 9, 2024
Cathy Wood, founder and CEO of investment management firm Ark Invest, was also surprised by Gensler's comments about ETF approval.
“He just disparaged the entire cryptocurrency space. I just couldn’t believe it. This is old DNA attacking new DNA in disruptive innovation,” she told Bloomberg Radio.
Also read:
– SEC ushers in new era of crypto for fund management giants by approving Bitcoin ETF
– The New Era of Bitcoin ETFs - 5 Best Cryptocurrencies to Hold in Traditional Portfolios
– X blames SEC for account hack leading to false announcement of spot Bitcoin ETF approval, says regulator failed to use two-factor authentication
– New cryptocurrency mining platform - Bitcoin Minetrix
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