SEC Chairman Gary Gensler is still hostile to Bitcoin. But a question may arise that if he is hostile to Bitcoin then why he approved Bitcoin ETF?Gary Gensler, chairman of the Securities Exchange Commission, has been hostile to Bitcoin in the past but has now taken an interest in Bitcoin and has approved the Bitcoin Spot ETF. Although the post-authorization situation has not had much of an impact for Bitcoin, it is believed that there will be a major change in the market following the Bitcoin halving in the middle of the year.
My personal view is that he didn't want to approve Bitcoin ETF but was forced to. Because he lost a court case last August. The US Court of Appeals for the D.C. The Circuit stated that the SEC was unable to provide a valid rationale for its rejection of the ETF, forcing it to concede important points. Also, with more cases going on, Gary Gensler may have stepped down from his position but not from hostile behaviour. He sees Bitcoin's decentralised nature as centralisation by ETFs, which is certainly not acceptable.
certainly our dear friend Gary is not a friend of bitcoin at all, but of all cryptocurrencies
“It is a speculative value store of value,” he continued. “Is it being used as a payment anywhere? Are we buying cups of coffee with it? Not really. The only payment mechanism it’s being used for in a primary sense is illicit activity.”
Gary Gensler personally probably still doesn't like bitcoin. But he has no reason to reject approval of a proposed Bitcoin ETF. Because as long as the application meets the SEC's requirements, it has no reason to reject it. Because Gary Gensler also acted in accordance with the regulations made. So it is not surprising if he inevitably agrees to a spot Bitcoin ETF. Even Ethereum Spot ETFs are sure to follow suit. At least he remains professional by still agreeing to the Bitcoin ETF.SEC Chair Gary Gensler Sees Irony in Spot Bitcoin ETF Approval — 'This Was About Centralization'(https://i.imgur.com/JMtXk49m.jpg)
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler sees irony in the approval of spot bitcoin exchange-traded funds (ETFs). “This was about centralization and traditional means of finance,” said Gensler, warning: “Investors should be aware... See more for yourself here (https://news.bitcoin.com/sec-chair-gary-gensler-sees-irony-in-spot-bitcoin-etf-approval-this-was-about-centralization/).
Your opinion is greatly appreciated.
I don't know why Genslar is against BTC and he openly says the primary function of BTC is to be used in illicit activities, I mean really, he says investors should be careful while investing in BTC as it is used in illicit activities plus it highly volatile but at the other hand he is trying to irritate people by saying BTC has become centralized while the motive of it was to remain decentralized.
He is openly saying it like no one would notice it like maybe the users using BTC ETFs might hear this and might change their mind to directly use BTC instead of via ETFs. Why he (Genslar) is playing bold here. He also added BTC is not being used anywhere as the payment method, like no one is buying things with it on a daily basis, I mean really! haha, well, besides this if we look from another angle if it is to be used by investors then what good BTC is for investors if it is not volatile at all?
My personal view is that he didn't want to approve Bitcoin ETF but was forced to. Because he lost a court case last August. The US Court of Appeals for the D.C. The Circuit stated that the SEC was unable to provide a valid rationale for its rejection of the ETF, forcing it to concede important points.