Gary Gensler’s Bitcoin ETF Position Is ‘Inconsistent’… Says Gary Gensler

Gary Gensler once criticized the US Securities Commission for its “inconsistent” approach to Bitcoin (BTC) product discovery, according to a resurfaced video of Gensler from 2019.

the video The clip, which recently circulated again on social media, shows pre-SEC Gensler discussing blockchain regulation at the 2019 MIT Bitcoin Expo in a friendly conversation with SEC Commissioner Hester Peirce.

“I think bitcoin futures, I think ethereum futures and so on, will exist, and bitcoin ETFs haven’t, and that seems a little inconsistent to me. […]“It just seems a little inconsistent,” Gensler said.

“Although the laws are not exactly the same, they are quite similar,” he added.

Meanwhile, on X (Twitter), the cryptocurrency community couldn’t help but highlight the discrepancy with Gensler’s views on Bitcoin ETFs today.

“Gary Gensler is wrong,” market analyst Zach Foyle posted. “We missed the cool and casual Gensler,” another X user Notice.

Gary Gensler says Gary Gensler is wrong. pic.twitter.com/sHGzHcUyIC

– Zack Voell (@zackvoell) October 28, 2023

So far, the SEC has only approved Bitcoin and Ethereum futures ETFs.

Related: Ripple CEO criticizes former SEC Chairman Jay Clayton’s comments

Since 2017, the SEC has rejected spot Bitcoin ETF applications, a tradition carried on under Gensler who rejected, delayed or pushed back recent spot Bitcoin ETF applications claiming the funds had no protections for market manipulation.

Gensler’s SEC has been sued by asset manager Grayscale for rejecting its offer to convert its existing Bitcoin fund into an exchange-traded fund.

The court ruled that the SEC was “arbitrary and capricious” in denying the request. The SEC did not appeal the decision.

magazine: Cryptocurrency Regulation – Does SEC Chairman Gary Gensler Have the Final Say?