An Open Letter to SEC Chair Gary Gensler: Approve a Bitcoin ETF
Dear Mr. Gensler,
You have faced criticism during your time as the Securities and Exchange Commission (SEC) chair. Many believe you have not been up to the task of protecting American investors and enforcing regulations over U.S. capital markets. However, when you were appointed, there was hope that you would regulate cryptocurrency in a sensible manner.
Unfortunately, the crypto industry finds itself in a precarious position. Instead of working with Congress on legislation, you have chosen to regulate through enforcement actions. This approach has faced pushback from both the judicial branch and fellow regulators, leading to strained relationships.
The Slow Rate of Rule Adoption
Bloomberg reported that your rate of getting rules adopted was the slowest in decades. The Securities Industry and Financial Markets Association reported that you issued significantly more rule proposals compared to your predecessors in your first 30 months in office.
Mixed Success with Enforcement Actions
Your agency’s enforcement actions against Binance, Coinbase, and Kraken have shown your view that crypto trading should be treated similar to securities trading. However, these cases have been a mixed bag in terms of SEC successes, with many moving into the appeals process.
Rumors of Becoming Treasury Secretary
Despite setbacks, there is one move that could define your tenure positively: approving a Bitcoin ETF. Currently, there are several filings for possible exchange-traded products for bitcoin awaiting judgment. Approving a Bitcoin ETF would be an optimistic step for the industry and could open up many opportunities.
A Defining Moment
With less than a year before potential political changes, approving a Bitcoin ETF could be a defining moment in your career. It would not only benefit you professionally but also contribute to the growth of the crypto industry under your jurisdiction.
Sincerely,
Kadan Stadelmann
About the Author
Kadan Stadelmann is a blockchain developer and Komodo Platform’s chief technology officer. He has experience in operations security, launching startups, and cryptography. He started working with blockchain technology in 2011 and joined the Komodo team in 2016.
Hot Take: Approving a Bitcoin ETF Could Define Gary Gensler’s Tenure
There is hope that SEC Chair Gary Gensler will approve a Bitcoin ETF, which could be a defining moment in his career. Despite facing criticism and setbacks, this move could positively impact both Gensler and the crypto industry. The slow rate of rule adoption and mixed success with enforcement actions have raised concerns, but approving a Bitcoin ETF would demonstrate a proactive approach to regulating cryptocurrency. With potential political changes looming, Gensler has an opportunity to make a lasting impact on the industry under his jurisdiction. It remains to be seen how he will handle this decision and whether it will shape his legacy as SEC chair.
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