SEC Chair Gary Gensler Approves 11 Spot Bitcoin ETFs in Landmark Decision

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, played a crucial role in the approval of 11 spot bitcoin exchange-traded funds (ETFs) in a landmark decision on Wednesday. With a split vote of 2-2 among the commissioners, Gensler's vote tipped the scales in favor of approving the ETFs.

Final Votes on Rule Changes

Prior to granting approval, the SEC conducted final votes on the rule changes proposed by NYSE Arca, Nasdaq, and Cboe BZX to list and trade the spot bitcoin ETFs. Commissioners Hester Peirce and Mark Uyeda voted in favor of approval, while Caroline Crenshaw and Jaime Lizárraga opposed it. The vote remained deadlocked until Gary Gensler cast the deciding vote in favor of approving the ETFs.

According to Bloomberg analyst James Seyffart, "Gensler was the deciding vote to get the bitcoin ETF over the line with a 3-2 vote."

Approval and Listing

Following the voting session, the SEC approved the listing and trading of 11 spot bitcoin ETFs on NYSE Arca, Nasdaq, and Cboe BZX exchanges. These ETFs commenced trading on Thursday morning.

The approved spot bitcoin ETFs include:

  • 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)
  • Grayscale Bitcoin Trust (GBTC)

Gensler's Statement and Investor Warnings

Although Gensler voted in favor of approving spot bitcoin ETFs, he issued a statement clarifying that the approval does not indicate the Commission's endorsement of bitcoin. He also cautioned investors about the risks associated with investing in crypto assets. Gensler maintains his view that most crypto tokens should be classified as securities.

What are your thoughts on SEC Chairman Gary Gensler's role in approving the 11 spot bitcoin ETFs? Share your opinions in the comments section below.


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By: Kevin Helms
Title: SEC Chair Gary Gensler Approves 11 Spot Bitcoin ETFs in Landmark Decision
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Published Date: Thu, 11 Jan 2024 22:30:00 +0000

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