The first-ever spot bitcoin (BTC) exchange-traded fund (ETF) became a reality thanks to the approval of three of the five committee members, including current U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler.
According to a notice of commission voting posted on the SEC website, the three commissioners who authorized the submissions were Gensler, Hester Peirce, and Mark Uyeda. Jaime Lizárraga and Caroline Crenshaw, two commissioners, voted against the proposals.
Peirce has a well-known supporter base in the cryptocurrency space, while Gensler has publicly shown his disdain for the market, pointing to fraud and customer safety as the two biggest threats to the sector.
In his initial remarks following the approvals on Wednesday, Gensler reiterated the SEC’s opposition to bitcoin, claiming that the regulator was obliged to accept more than 12 bitcoin ETFs because of its legal defeat over rejecting Grayscale’s in 2022.
“We did not approve or endorse bitcoin,” according to Gensler. “Investors should continue to exercise caution due to the numerous risks connected to bitcoin and goods whose value is based on cryptocurrency.”
Critiquing the files, Crenshaw issued a second statement, stating that the choice placed “us on a wayward path that could further sacrifice investor protection.”
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