Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»EXCHANGE NEWS»The Tide Turns and Crypto Triumphs: Why Gary Gensler Gave In to the Bitcoin ETF
EXCHANGE NEWS

The Tide Turns and Crypto Triumphs: Why Gary Gensler Gave In to the Bitcoin ETF

By Crypto FlexsJanuary 13, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
The Tide Turns and Crypto Triumphs: Why Gary Gensler Gave In to the Bitcoin ETF
Share
Facebook Twitter LinkedIn Pinterest Email

Securities and Exchange Commission Chairman Gary Gensler this week cast the deciding vote to approve several spot Bitcoin exchange-traded funds (ETFs). The move gives the top cryptocurrency a level of Wall Street legitimacy that Gensler has long opposed. So why the sudden change of heart?


key point

  • Trading volume for the newly approved spot Bitcoin ETF surged past $5 billion in the first two days after launch.
  • SEC Chairman Gary Gensler remains highly skeptical of cryptocurrencies, warning that Bitcoin is a “highly speculative and volatile asset” primarily used for “illicit activities.”
  • Grayscale court ruling, August 2023 It was a key factor Why the SEC Approved Bitcoin ETF
  • Major firms such as Vanguard, Merrill Lynch, Edward Jones, and Northwestern Mutual are not yet offering new Bitcoin ETFs to their clients.
  • Gensler’s legacy as a “crypto cop” is now in question after he cast the decisive vote to approve a spot Bitcoin ETF.

Despite warnings about Bitcoin’s volatility, potential for manipulation and its use in illicit transactions, trading in newly approved ETFs has exploded. Trading volume surged past $5 billion in the first two days, suggesting significant pent-up demand from investors.

But Gensler remains skeptical. In a CNBC interview after the vote, he called Bitcoin a “highly speculative, highly volatile asset” used primarily by criminals. His anti-crypto rhetoric suggests that political pressure or court rulings have forced his hand.

Just came in: ??????? SEC Chairman Gary Gensler said: #Bitcoin It is a “highly speculative and volatile asset” used for “money laundering and ransomware.” pic.twitter.com/QwPMNLLtfQ

— Bitcoin Magazine (@BitcoinMagazine) January 12, 2024

The pressure comes from Grayscale, where Bitcoin Trust (GBTC) recently accounted for nearly half of ETF trading volume. The company sued Grayscale last June after the SEC rejected the company’s application for a spot Bitcoin ETF.

Grayscale got the upper hand when a federal judge ruled that the SEC had to do a better job of justifying the discrepancy between its treatment of Bitcoin spot ETFs and futures ETFs. Gensler acknowledged that the decision “changed” the calculus on approvals.

By giving in to the courts, Gensler’s legacy as a “crypto cop” is now in shambles. In appointing a lawyer with a history of cryptocurrency skepticism to lead the SEC, President Biden hoped Gensler would bring order to the “wild west” of digital assets.

Far from validating the SEC’s criticism of manipulation and volatility, the successful launch of these ETFs proves that both institutional and retail investors see tremendous value in cryptocurrency technology. The genie can’t be put back in the bottle. Blockchain-based digital assets are here to stay. And despite bureaucratic resistance, capitalist free markets will continue to fund the benefits of blockchain innovation until they permeate global finance.

True cryptocurrency regulation requires nuance, not scaremongering or sabotage. Rather than stifling American innovation in pursuit of the impossible dream of total central control, policymakers should promote freedom while enacting reasonable safeguards against fraud. The SEC would be wise to shift its focus from attacking cryptocurrency companies to fostering communication and collaboration with them.

Regulators may slow it down from time to time, but nothing can stop the cryptocurrency revolution now. Despite Gensler’s objections, the flood of ETF investments shows the world has already voted. The economic future will be decentralized.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin prices return to green -building exercise for more profits

June 26, 2025

Dogecoin (DOGE) after collision

June 23, 2025

Litecoin Key Support in Focus Price Eye Brake Out Determination

June 20, 2025
Add A Comment

Comments are closed.

Recent Posts

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025
Most Popular

Riot mined 6,626 Bitcoins and recorded $281 million in revenue in 2023.

February 23, 2024

Grayscale withdraws Ethereum futures ETF application from SEC

May 8, 2024

The answer lies in Bitcoin, not stablecoins

January 21, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.