SEC approves Bitcoin ETFs, but Gary Gensler makes clear his war on cryptocurrencies is not over | Trending Viral hub

The US Securities and Exchange Commission (SEC) Approved Spot Bitcoin ETFs on January 10 in a historic event for cryptocurrencies, but its president, Gary Gensler, made it clear that his war against the industry is not over.

“While today we approve the listing and trading of certain Bitcoin ETP spot shares, we do not approve or endorse bitcoin,” he said in a statement. “Investors should be cautious of the myriad risks associated with bitcoin and products whose value is tied to cryptocurrencies.”

Gensler said it was a court ruling in a case against Grayscale Investments last year that forced his agency to act. In that case, a judge ruled that the regulator’s decision to approve Bitcoin futures ETFs, but not Bitcoin ETFs, was “arbitrary and capricious” in what was a harsh rebuke for the agency.

SEC Bitcoin Spot ETF Approval Vote Was 3 Versus 2

The decision to greenlight BTC ETFs came after a split vote by the five commissioners. Gensler cast the deciding vote on the basis that the approvals were “the most sustainable way forward.”

SEC’s spot bitcoin ETF approval passed with a 3-2 vote

3 approved:
-Gary Gensler
–Hester Peirce
-Mark Uyeda

2 against:
-Caroline Crenshaw
– Jaime Lizárraga

– Jacquelyn Melinek (@jacqmelinek) January 10, 2024

Gensler’s underlying opposition to new investment vehicles received strong support from Commissioner Caroline Crenshaw and also from Jaime Lizárraga.

“I am concerned that these products will flood the markets and end up directly in the retirement accounts of American households who can least afford to lose their savings due to the fraud and manipulation that appears to be prevalent in the bitcoin spot markets,” Crenshaw said.

SEC Also Warned About Crypto Risks Ahead of Bitcoin ETF Approvals

The approvals came just a day after Gensler again criticized the crypto industry in comments on X, warning of “serious risks.”

If you are considering an investment involving cryptoassets, be careful.

Cryptoasset securities may be marketed as new opportunities, but they carry serious risks.

Read @SEC_Investor_EdDirector’s Take:

—Gary Gensler (@GaryGensler) January 9, 2024

Cathie Wood, founder and CEO of investment management firm Ark Invest, was one of the industry figures surprised by Gensler’s comments yesterday about ETF approvals.

“It just denigrated the entire crypto space,” he told Bloomberg radio. “I could not believe it. This is par for the course of disruptive innovation. It’s the old DNA basically attacking the new DNA.”

Also read:

New crypto mining platform: Bitcoin Minetrix

• Audited by Coinsult
• Secure and decentralized cloud mining
• Earn free Bitcoin daily
• Native Token on Pre-Sale Now – BTCMTX
• Staking Rewards: Over 100% APY