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Gary Gensler once criticized the United States securities regulator for its “inconsistent” approach to spot Bitcoin (
$80,414.00 ) (BTC) products, according to a resurfaced video of Gensler from 2019.
The video clip, which has recently made the rounds again on social media, shows the pre-SEC Gensler discussing blockchain regulation at the 2019 MIT Bitcoin ( $80,414.00 ) Expo in a fireside chat with Securities and Exchange Commission (SEC) commissioner Hester Peirce.
“ Bitcoin ( $80,414.00 ) futures, and I think Ethereum (
$2,574.69 ) futures and so forth, will exist and Bitcoin ( $80,414.00 ) ETFs have not and that feels a little inconsistent to me […]It feels a little inconsistent,” Gensler said.
“Even though the laws aren’t exactly the same, they’re quite similar,” he added.
Meanwhile, on X (Twitter), the crypto community couldn’t help but highlight the contrast with Gensler’s views toward spot Bitcoin ( $80,414.00 ) ETFs today.
”Gary Gensler says Gary Gensler is wrong,” market analyst Zack Voell posted. “We missed out on chill and normal Gensler,” another X user remarked.
Gary Gensler says Gary Gensler is wrong. pic.twitter.com/sHGzHcUyIC
— Zack Voell (@zackvoell) October 28, 2023
To date, the SEC has only approved Bitcoin ( $80,414.00 ) and Ethereum ( $2,574.69 ) futures ETFs.
Related: Ripple CEO criticizes former SEC Chair Jay Clayton’s comments
From as far back as 2017 the SEC has rejected spot Bitcoin ( $80,414.00 ) ETF applications, a tradition carried on under Gensler who has denied, delayed or pushed back recent spot Bitcoin ( $80,414.00 ) ETF applications claiming the funds don’t have protections for market manipulation.
Gensler’s SEC was sued by asset manager Grayscale for rejecting its bid to convert its existing Bitcoin ( $80,414.00 ) trust into a spot ETF.
A court ruled the SEC was “arbitrary and capricious” to reject the application. The SEC did not appeal the decision.
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
