[NEWS] SEC Chairman Gensler points out that the creation of physical ETFs has "led to the centralization of Bitcoin"

On the 12th, SEC (Securities and Exchange Commission) Chairman Gary Gensler appeared on CNBC's "Squawk Box" and said, "Ironically, the birth of Bitcoin spot ETFs led to centralization from the decentralized finance advocated by Satoshi Nakamoto."

In the interview, Chairman Gensler said, "We have not approved Bitcoin spot ETFs for many years. However, we have moved forward after the court's decision. We believe that it is our mission to meet the expectations of the public." He talked about the background to the approval of 11 Bitcoin spot ETFs.

In a lawsuit filed by Grayscale, the court ruled that the SEC should reconsider the case. This ruling is said to have had a major impact on the realization of Bitcoin spot ETFs.

However, it seems that Gensler still has a negative view of Bitcoin. "We have not approved Bitcoin itself. Bitcoin is a very speculative and unstable asset. It is used for various criminal activities, including money laundering and fraud through ransomware," he said.

He also stated that the birth of the Bitcoin spot ETF has made Bitcoin centralized by making it available for purchase through major securities firms. He continued, "It has become centralized and a traditional financial instrument, being available for purchase through securities firms. There is a lot of centralization in all respects in making it an ETF."

In addition, when asked about Senator Elizabeth Warren's criticism that "approving a Bitcoin spot ETF is wrong," Gensler said, "I have deep respect for those who were on the other side of this issue," adding that he also has respect for the current law.

Finally, he also mentioned the possibility of realizing an Ethereum spot ETF, which has attracted attention. "What we did this week is similar to what we did in the past to approve a physical gold ETF, but it's limited to a non-security product called Bitcoin," he said, expressing a negative stance on approving an Ethereum physical ETF at this time.

Reference: CNBC
Image: Shutterstock

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