'We Did Not Approve or Endorse Bitcoin': Gary Gensler's Begrudging ETF Statement
Summary
SEC Chair Gensler approved a dozen spot bitcoin ETF proposals after losing a court battle with Grayscale. He emphasized caution, calling bitcoin a speculative, volatile asset used for illicit activities. Gensler clarified that the approvals don't indicate a willingness to approve listing standards for crypto asset securities. Commissioner Crenshaw dissented, expressing concerns about investor protection. Commissioner Peirce supported the decisions, citing the judicial rebuke as a significant factor.
