SEC chairman derides Bitcoin spot ETF as departure from Satoshi Nakamoto's decentralized vision

The U.S. Securities and Exchange Commission approved a Bitcoin spot ETF on the 11th. Chairman Gary Gensler explained in a statement the key reasons for the decision, namely Grayscale's ruling. He emphasized that despite the approval of the ETF, Bitcoin itself is still considered a speculative, volatile asset, and there is still a risk of being used for illegal activities. Therefore, investors need to be cautious when participating in Bitcoin investments.

“While we approved the listing and trading of certain Bitcoin spot ETP stocks today, we do not approve or endorse Bitcoin.”

Gary Gensler: Bitcoin spot ETF violates Satoshi Nakamoto’s Vision

Just yesterday, Gensler once again emphasized his point of view in an interview with CNBC. He pointed out: "Bitcoin is a highly volatile speculative asset that is used for illegal activities." In addition, he also said that the launch of a Bitcoin spot ETF is ironic because it is incompatible with the decentralization advocated by Satoshi Nakamoto. Mission contradictory.

The irony of Bitcoin spot ETFs is that Satoshi Nakamoto once said that Bitcoin would achieve a decentralized financial system, but ETFs have brought centralization.

However, Gensler affirmed the innovative nature of the Bitcoin system. He points to the blockchain technology taught at MIT as an innovative accounting system that has undoubtedly advanced the field.

Response to Senator Warren’s criticism

In the interview, Gensler responded to Senator Elizabeth Warren’s criticism. He said Warren believed the decision to pass a Bitcoin ETF was wrong both legally and policy-wise. However, Gensler believes that if the SEC wants cryptocurrencies to be better integrated into the traditional financial system, it will be even more urgent for cryptocurrencies to adhere to basic anti-money laundering rules. He emphasized that the cryptocurrency industry needs stricter regulation to ensure compliance and system security.

In this regard, Gensler said: I express deep respect for those who hold opposing views, including Warren.

He emphasized his commitment to respecting the law as he navigates the complex cryptocurrency regulatory environment.

Gensler responds to Ethereum spot ETF

Additionally, when asked about the possibility of launching an Ethereum spot ETF in the future, Gensler clarified that the SEC’s recent decision is specific to Bitcoin, saying : Bitcoin is a “non-security commodity token,” which makes it the same as other commodities such as gold and silver, for which we have approved spot ETFs in the past.

Gensler’s comments seem to imply that if Ethereum can be considered a “commodity,” there is no reason not to approve an Ethereum spot ETF. At the beginning of the year, Bloomberg ETF analyst James Seyffart said that when the SEC approved nine Ethereum-related futures ETFs last year, it had "implicitly" acquiesced that Ethereum was a commodity.

Eric Balchunas, a Bloomberg ETF analyst who has continuously hit the timing of the passage of Bitcoin futures and spot ETFs, estimates that the probability of Ethereum spot ETF being approved by the SEC in May is as high as 70%.

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