SEC Chair Gary Gensler Was the Deciding Vote Approving Spot Bitcoin ETFs
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, cast the deciding vote approving 11 spot bitcoin exchange-traded funds (ETFs) in a landmark decision on Wednesday. Before the approvals, the securities regulator held a vote on spot bitcoin ETFs, with two commissioners favoring and two opposing. Gensler’s vote tipped the scales in favor of approval.
Gensler’s Vote Tips the Scales in Favor of Spot Bitcoin ETF Approvals
Before approving spot bitcoin exchange-traded funds (ETFs) on Wednesday, the U.S. Securities and Exchange Commission (SEC) held final votes on the rule changes proposed by NYSE Arca, Nasdaq, and Cboe BZX to list and trade the funds.
Two SEC commissioners, Hester Peirce and Mark Uyeda, voted for approval, while Caroline Crenshaw and Jaime Lizárraga opposed it. The vote split at 2-2, with Gary Gensler casting the deciding vote in favor of approving spot bitcoin ETFs. Bloomberg analyst James Seyffart commented on Thursday:
For those that missed this detail yesterday in the frenzy. Gensler was the deciding vote to get the bitcoin ETF over the line with a 3-2 vote.
The approved spot bitcoin ETFs are ARK 21shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), Franklin Bitcoin ETF (EZBC), Invesco Galaxy Bitcoin ETF (BTCO), Vaneck Bitcoin Trust (HODL), Wisdomtree Bitcoin Fund (BTCW), Bitwise Bitcoin Trust (BITB), Ishares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), Hashdex Bitcoin ETF (DEFI), and Grayscale Bitcoin Trust (GBTC).
Despite voting in favor of approving spot bitcoin ETFs, Gensler issued a statement afterward clarifying that the approval doesn’t mean the Commission has approved or endorsed bitcoin. Gensler continued to warn investors of the risks of investing in crypto assets. He still views most crypto tokens as securities.
What do you think about SEC Chairman Gary Gensler being the deciding vote on the approval of 11 spot bitcoin ETFs? Let us know in the comments section below.