Gary Gensler’s Bitcoin ETF position is ‘inconsistent’… says Gary Gensler

Gary Gensler once criticized the United States securities regulator for its “inconsistent” approach to spot Bitcoin (BTC) products, according to a resurfaced video of Gensler from 2019.

The video clip, which has recently made the rounds again on social media, shows the pre-SEC Gensler discussing blockchain regulation at the 2019 MIT Bitcoin Expo in a fireside chat with Securities and Exchange Commission (SEC) commissioner Hester Peirce.

“Bitcoin futures, and I think Ethereum futures and so forth, will exist and Bitcoin ETFs have not and that feels a little inconsistent to me […]It feels a little inconsistent,” Gensler said.

“Even though the laws aren’t exactly the same, they’re quite similar,” he added.

Meanwhile, on X (Twitter), the crypto community couldn’t help but highlight the contrast with Gensler’s views toward spot Bitcoin ETFs today.

​​​​”​​Gary Gensler says Gary Gensler is wrong,” market analyst Zack Voell posted. “We missed out on chill and normal Gensler,” another X user remarked.

Gary Gensler says Gary Gensler is wrong. pic.twitter.com/sHGzHcUyIC

— Zack Voell (@zackvoell) October 28, 2023

To date, the SEC has only approved Bitcoin and Ethereum futures ETFs.

Related: Ripple CEO criticizes former SEC Chair Jay Clayton’s comments

From as far back as 2017 the SEC has rejected spot Bitcoin ETF applications, a tradition carried on under Gensler who has denied, delayed or pushed back recent spot Bitcoin ETF applications claiming the funds don’t have protections for market manipulation.

Gensler’s SEC was sued by asset manager Grayscale for rejecting its bid to convert its existing Bitcoin trust into a spot ETF.

A court ruled the SEC was “arbitrary and capricious” to reject the application. The SEC did not appeal the decision.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?