Gary Gensler Criticizes The SEC’s Unfair Approach Towards Bitcoin ETFs
A 2019 video reveals Gary Gensler criticizing the US regulator's SEC’s unfair approach to Bitcoin spot products, contrasting his current views.
A 2019 video has resurfaced, showing Gary Gensler’s former criticism towards the US securities regulator for its “inconsistent” stance on spot Bitcoin products. The video, circulating on social media, shows a pre-SEC Gensler at the 2019 MIT Bitcoin Expo, engaging in a discussion on blockchain regulation with SEC commissioner Hester Peirce.
Gensler voiced, “Bitcoin futures, and I think Ethereum futures and so forth, will exist and Bitcoin ETFs have not and that feels a little inconsistent to me [...] It feels a little inconsistent,” expressing a discrepancy in the regulatory approach.
He further added, “Even though the laws aren’t exactly the same, they’re quite similar,” pinpointing the similarities in legal frameworks.
On social platform X, crypto enthusiasts highlighted the stark contrast between Gensler’s current and past views on spot Bitcoin ETFs. Market analyst Zack Voell jokingly posted saying, "Gary Gensler says Gary Gensler is wrong,” while another user lamented the change in Gensler’s stance. Here's a link to the video on X.
The SEC, to date, has only green-lighted Bitcoin and Ethereum futures ETFs, maintaining its tradition since 2017 of turning down spot Bitcoin ETF applications. Under Gensler’s lead, this trend continues with claims of lacking market manipulation protections.
In a recent event, Gensler's SEC faced a lawsuit by Grayscale for denying its attempt to change its existing Bitcoin trust into a spot ETF. A court labeled the SEC’s rejection as “arbitrary and capricious,” a decision left unchallenged by the SEC.
