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, forged the deciding vote approving 11 spot bitcoin exchange-traded funds (ETFs) in a landmark resolution 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 closing votes on the rule adjustments proposed by NYSE Arca, Nasdaq, and Cboe BZX to checklist and commerce the funds.

Two SEC commissioners, Hester Peirce and Mark Uyeda, voted for approval, whereas Caroline Crenshaw and Jaime Lizárraga opposed it. The vote cut up 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 who missed this element yesterday within the frenzy. Gensler was the deciding vote to get the bitcoin ETF over the road with a 3-2 vote.

The SEC approved 11 spot bitcoin ETFs for itemizing and buying and selling on NYSE Arca, Nasdaq, and Cboe BZX exchanges following their voting session. The funds started trading Thursday morning.

The accredited 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 an announcement afterward clarifying that the approval doesn’t mean the Commission has accredited or endorsed bitcoin. Gensler continued to warn buyers of the dangers of investing in crypto belongings. He nonetheless views most crypto tokens as securities.

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