Bitcoin ETFs: Gary Gensler's "Pearls," SEC President

The current president of the Securities and Exchange Commission (SEC), Gary Gensler, was nominated by Joe Biden in April 2021 and has developed a reputation for being a "comedic" regulator, especially when it comes to Bitcoin (BTC) and other digital assets. Even though Gensler has a strong opinion against the cryptocurrency industry, he has encountered unpleasant circumstances, particularly in the perspective of political decision-makers.

In 2023, Gensler was humiliated in front of the House of Representatives and the U.S. Senate several times. He had difficulty responding to an issue that was essential to his commission's work in April 2023: should Ethereum (ETH) be categorised as a security? The members of the House were not satisfied.

Gensler was also criticised for suppressing speech during a subsequent meeting with senators from the United States.

Interestingly, during the same hearing, Gensler couldn't explain why Bitcoin is considered a commodity, despite the clear classification by the Commodity Futures Trading Commission (CFTC) eight years prior.

As of January 10, 2024, while U.S. senators seek explanations from Gensler regarding the false approval of Bitcoin spot ETFs with the SEC's real X account, the crypto community reacts with irony. Coinbase offers assistance, emphasizing its experience with security protocols related to social networks. Ripple suggests the SEC should investigate itself rather than indiscriminately targeting crypto actors.

Will Gensler's "personal Vietnam" (in Cathie Wood's words) potentially end on January 10th, marked by his capitulation and approval of a Bitcoin spot ETF? The unfolding hours should provide clarity on this matter.

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