SEC Chair Gary Gensler Sees Irony in Spot Bitcoin ETF Approval — 'This Was About

[sirty143]

SEC Chair Gary Gensler Sees Irony in Spot Bitcoin ETF Approval — 'This Was About Centralization'

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.

Your opinion is greatly appreciated.

[Rubel007]

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?

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.

[Perfect540]

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?

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.

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.

[babo]

certainly our dear friend Gary is not a friend of bitcoin at all, but of all cryptocurrencies
he is giving all the exchanges a lot of trouble, while for FTX I don't think he has done much
He seems like an absolutely unreliable person to me

however this time he had to bend, as the court forced him (luckily)

[Don Pedro Dinero]

certainly our dear friend Gary is not a friend of bitcoin at all, but of all cryptocurrencies

Well, at least he has the courtesy to distinguish and defend that bitcoin is a commodity while all other altcoins are securities. And as for what he says about centralisation, he is right. Every step that is taken, such as the approval of bitcoin spot ETFs, is a step closer to centralisation and further away from Satoshi's dream.

Gensler is not a nobody, he has taught blockchain at MIT.

Blockchain And Money

Video Lectures
Session 1: Introduction
In this video, Prof. Gary Gensler provides an introduction to the course and to blockchain technology.

[ABCbits]

“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.”

What a liar, there are some service which accept Bitcoin as payment method. I've bought few goods (such as VPN) using Bitcoin as well.

[Uruhara]

SEC Chair Gary Gensler Sees Irony in Spot Bitcoin ETF Approval — 'This Was About Centralization'

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.

Your opinion is greatly appreciated.

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.

[babo]

Don Pedro, i know Gensler.

he even tried to get hired (but failed) by Coinbase or another exchange that I dont remember.

Thats not the point, the point is to offer a service. If you dont block FTX and then block randomly, you are not offering a good service!!!!!

You are providing a terrible service, whether you know blockchain or not!

[Faisal2202]

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?

[babo]

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?

to tell the truth he had nothing to say against Bitcoin, he immediately evaluated it as a commodity
While in other cases, such as ripple, we were harsh on it, judging it to be a security with long and exhausting processes
Okay, but my point is
if you're that picky about BTC ETFs, with ripple, where were you when you approved FTX, I think he approved something ftx too

[TomPluz]

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.

You are right with this assessment and this is a common knowledge that Gary Gensler is really hesitant to deal with the ETF for BTC but because his hands became legally tied then he has to do it. Of course, maybe we should also mention that people of Blackrock are very powerful and influential in the financial market so maybe Gary decided not to make an enemy with them so he can have a career after SEC. Now, as to his centralization comment, I think he is honest on that aspect though we should also understand that he is a man of complexities so simplifying things with him may not be working on the long-term. Right now, the Bitcoin price is undergoing a turnaround which may not be what many of us did expect before the ETF approval...either this can be because of the so-called "sell the news" effect or we are immediately feeling the side-effect of having an ETF.