A very shocking, unexpected, & deep detail came to light for the crypto community regarding Bitcoin spot ETF approval.
Gary Gensler has been chairman of the United States Securities and Exchange Commission (SEC) since Q1 2021. Before his tenure at the SEC agency, he was a professor of Practice of Global Economics and Management at the MIT Sloan School of Management & where he taught about Bitcoin & blockchain. But, strangely, he never supported the crypto sector as an SEC chairman. Under his leadership the SEC agency sued multiple crypto companies blindly, despite the fact that those companies were providing services under all the required rules & laws of financial services.
As we know, two days ago, the SEC body approved 11 Bitcoin spot ETF applications. The decision to approve Bitcoin spot ETF applications was not in the hands of a single person.
A total of 5 SEC commissioners voted to support/reject these applications.
Chinese crypto blogger Colin Wu pointed out very deep information from the SEC’s press release regarding Bitcoin spot ETF applications and found that Gensler voted to support the approval, which is totally contradictory to our expectations.
Chairman Gensler, Hester Peirce and Mark Uyeda voted in favour of the Bitcoin spot ETF, while Crenshaw and Lizárraga voted to reject Bitcoin spot ETF applications.
Because of the SEC’s multiple regulatory actions against crypto companies under the leadership of Gensler, the majority of the crypto proponents hate Gensler but surely it will change the negative mentality of people to some degree.
In 2023, many government influential crypto-friendly people opposed Gensler and also tried to create pressure against Gensler, to remove him from the SEC agency.
A few months ago, some media reports claimed that 2024 would bring a new crypto-friendly president to America & the new president would help to bring a crypto-dedicated bill to regulate the crypto sector under clear rules & laws and in that situation the SEC body will take action against only those Crypto companies which will not follow rules & laws.
Read also: Coinbase rival Robinhood planning Bitcoin spot ETF listing ASAP
Shockingly, crypto hater SEC boss Gensler was supporter & voter for Bitcoin spot ETF approval
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