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Home»ADOPTION NEWS»Gensler said he considers the Bitcoin ETF ironic in light of Satoshi’s mission and that he respects Senator Warren and the law.
ADOPTION NEWS

Gensler said he considers the Bitcoin ETF ironic in light of Satoshi’s mission and that he respects Senator Warren and the law.

By Crypto FlexsJanuary 13, 20243 Mins Read
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Gensler said he considers the Bitcoin ETF ironic in light of Satoshi’s mission and that he respects Senator Warren and the law.
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The launch of a physical Bitcoin exchange-traded fund is ironic because it runs counter to Satoshi Nakamoto’s mission of decentralization, Securities and Exchange Commission Chairman Gary Gensler said in an interview with CNBC on Friday morning.

The anonymous but still unknown Nakamoto, the creator of the infamous Bitcoin cryptocurrency blankproposed a “trust-free electronic transaction system” in 2008.

“There is an irony in this: Satoshi Nakamoto said this would be a decentralized system and finance. This led to centralization,” Gensler said. CNBC.

Gensler’s comments come days after his agency approved a series of spot Bitcoin ETFs. pointed This does not mean that the SEC approves or endorses Bitcoin. The spot Bitcoin ETF began trading on Thursday and has since cleared $6 billion in cumulative volume.

Gensler, who previously taught blockchain at MIT, said there is innovation in the space around ledger systems.

“There is no doubt that there is innovation in this space. The innovation I taught at MIT centered around ledger systems and is just an accounting system called blockchain technology,” Gensler said.

Respect for Warren

Gensler was also asked about criticism from Sen. Elizabeth Warren (D-Mass.) on Friday. nominate Appoint him as SEC Chairman in 2021.

In a post to X on Thursday, Warren criticized the SEC for approving a spot Bitcoin ETF.

“@SECgov is wrong on the laws and policies related to the Bitcoin ETF decision,” Warren said. “If the SEC allows cryptocurrencies to penetrate deeper into our financial system, it is more urgent than ever that cryptocurrencies follow basic anti-money laundering rules.”

“I have deep respect for the people on this opposing side,” Gensler said, adding that he also has that respect for the law.

Spot Ether ETF

Gensler was also asked about the possibility of a spot Ethereum ETF in the future.

“Just as we have held and approved gold spot-traded products and silver exchange-traded products in the past, we look at what we have done this week with the inclusion of a non-secure product called Bitcoin,” Gensler said. “This is contained in only one non-secure commodity token.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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