The Real Story Behind Gensler’s  Resentful Vote

The Securities and Exchange Commission of the United States has given a green light to the Bitcoin Spot ETF. The crypto market saw a boom after news of the approval. Major coins like Ethereum and BNB rose several by basis points. 

The Voting, as reported by the SEC, stated that Gensler, Peirce and Uyeda voted for the approval of the spot ETF, while Crenshaw and Lizárraga voted for the disapproval. However, between the celebrations by crypto enthusiasts around the world, the statement posted by the SEC has major indications of the government’s views and plans.  

SEC’s Message for the Cryptocurrency World

In the statement posted, Gary Gensler wrote, “Importantly, today’s Commission action is cabined to ETPs holding one non-security commodity, bitcoin. It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities”. “We did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks,” he added. 

The Mystery of the SPOT ETF

All the glitters are not gold, this statement sits way too well for the current situation on this whole scenario. First, Blackrock suddenly fired 3% of its workforce 3 days before the deadline.

Moreover, on January 9th, there was an official tweet from the SEC approving the ETF which was later claimed to be done by “Hackers”. Just a day later, the SEC got their account back and suddenly they approved the ETF after rejecting so many applications before this. 

A report by Coindesk shows that a court forced Gensler’s hand and the agency’s decision to greenlight a spot bitcoin ETF. In the same official statement of the SEC, Gensler also pointed out that metals ETPs have practical uses while bitcoin is mainly used for speculation, and illicit activities such as ransomware, money laundering, sanction evasion, and terrorist financing. 

The harsh words in the vain of approving the Bitcoin ETF do not seem natural as various journalists observed. Government all together has always been in front of Cryptocurrencies because of their “over-private” nature. 

Major banking CEOs like Jamie Dimon of J.P Morgan Chase and Co. and David M. Solomon of Goldman Sachs have always been against cryptocurrencies. due to the same reasons mentioned by Gensler.

The government wants to know where the money is going and what the corporations and the people are doing with it. Therefore. all these events in a sudden 3-day span show that there might be something going on that the crypto enthusiasts are not able to see. 

Conclusion

The US Securities and Exchange Commission has approved the Bitcoin Spot ETF. However, some experts and journalists are skeptical about the sudden change in decision and suspect there may be more to the story.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.