Bloomberg Analysts Speculate on Gary Gensler’s Rejection of Bitcoin ETFs
Bloomberg’s ETF analysts have raised the possibility that SEC Chair Gary Gensler may reject pending spot Bitcoin ETF applications at the last minute. This move, described as “amazingly sadistic,” was speculated by ETF commentator Dave Nadig. The analysts, James Seyffart and Eric Balchunas, acknowledged that while the likelihood of this happening is low, they couldn’t entirely rule out a denial of spot Bitcoin ETF applications. They also noted that such a rejection would likely lead to a wave of lawsuits.
Gensler’s Past Remarks on SEC’s ETF Policy
Gensler’s stance on spot Bitcoin ETFs has been a topic of discussion since a 2019 video resurfaced in which he described the SEC’s approach as inconsistent. He pointed out the regulatory incongruity between approving Bitcoin and Ethereum futures but not ETFs. The SEC has a history of rejecting spot Bitcoin ETF applications under Gensler’s leadership, citing investor protection concerns. Only Bitcoin and Ether futures products have received approval due to concerns about market manipulation.
Source: Crypto News
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