• Explaining the SEC’s stance change on bitcoin ETFs was a tough assignment for Gensler.
  • Things “have changed,” he said, during an interview with CNBC.

Commenting on the reasons for the SEC’s approval of a number of spot bitcoin ETFs for listing and trading, SEC Chair Gary Gensler made it clear that he remains opposed to cryptocurrencies in general. Explaining the SEC’s stance change on bitcoin ETFs was a tough assignment for Gensler. Things “have changed,” he said, during an interview with CNBC.

The SEC’s decision to reject Grayscale’s bitcoin ETF was overturned last August by the U.S. Court of Appeals for the D.C. Circuit, which found that the agency had inadequately explained its reasons. As a result, the SEC altered its stance.

Profound Admiration for Law

Just days ago, Gensler’s office gave the go light to a number of spot bitcoin ETFs; however, the chair was careful to clarify that this in no way indicated that the SEC supported or endorsed bitcoin. Since opening for trading on Thursday, spot bitcoin ETFs have transacted over $6 billion in total volume.

According to Gensler, who has experience teaching blockchain at MIT, new developments are taking place in the field around the ledger system. On Friday, Gensler also spoke about his thoughts on the criticisms leveled by Massachusetts Senator Elizabeth Warren, who voted in favor to nominate him to head the SEC in 2021.

On Thursday, Warren took to her twitter account to criticize the SEC’s decision to approve spot bitcoin ETFs. Gensler expressed his profound admiration for the legislation and added that he also has great regard for anyone who could have been involved in this from the other side.

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