In the world of cryptocurrency, Bitcoin has always been the center of attention. However, recent remarks by the SEC chairman have caused an uproar. He bluntly ridiculed the Bitcoin spot ETF, saying it violated the decentralization concept advocated by Satoshi Nakamoto. This conclusion not only sparked heated discussions within the industry, but also triggered investors’ concerns and thinking about the prospects of Bitcoin ETFs. Let’s delve deeper into this topic and uncover its implications.

Coin Circle (120bTC.coM): The U.S. Securities and Exchange Commission approved the Bitcoin spot ETF on the 11th, and then Chairman Gary
Gensler also issued a statement explaining that the key to this decision lies in Grayscale's ruling, and emphasized that despite the approval of the Bitcoin spot ETF, Bitcoin itself is still a speculative, volatile asset and is used for illegal activities. Investors need to Be cautious.

“While we approved the listing and trading of certain Bitcoin spot ETP shares today, we did not approve or endorse Bitcoin.”

 Gary Gensler: Bitcoin spot ETF violates Satoshi Nakamoto vision

Just yesterday (12th), Gensler reiterated this point in an interview with CNBC. "Bitcoin is a highly volatile and speculative asset used for illegal activities," he said. Furthermore, he also said that the launch of the Bitcoin spot ETF is ironic because it contradicts Satoshi Nakamoto’s decentralized mission.

“There is an irony in Bitcoin spot ETFs. Satoshi Nakamoto said that Bitcoin will be a decentralized system and finance, and ETFs lead to centralization.”

However, he still affirmed the innovation of the Bitcoin system. Gensler said: There is no doubt that there are innovations in this field, and these innovations that I teach around this ledger system at MIT are an accounting technology called blockchain. system.

 Response to Senator Warren’s criticism

During the interview, Gensler also responded to Senator Elizabeth
Warren's criticism. Warren said recently: “The decision to pass a Bitcoin ETF is wrong both legally and policy-wise. If the SEC intends to make cryptocurrencies more integrated into the traditional financial system, then cryptocurrencies must follow basic anti-money laundering rules than ever before.” Times are more urgent."

In response, Gensler said: I have deep respect for those who hold opposing views, including Warren.

He emphasized his commitment to respecting the law as he navigates the complex cryptocurrency regulatory environment.

 Gensler responds to Ethereum spot ETF

Additionally, when asked about the possibility of launching an Ethereum spot ETF in the future, Gensler clarified that the SEC’s recent decision was specific to Bitcoin, stating that Bitcoin is a “non-security commodity token,” which makes it different from Gold is like other commodities like silver, and we have approved spot ETFs for gold and silver in the past.

Gensler’s comments seem to imply that if Ethereum can be considered a “commodity,” there is no reason not to approve an Ethereum spot ETF. At the beginning of the year, Bloomberg ETF analyst James
Seyffart said that when the SEC approved nine Ethereum-related futures ETFs last year, it "implicitly" acquiesced that Ethereum was a commodity.

Eric Balchunas, a Bloomberg ETF analyst who has continuously hit the timing of the passage of Bitcoin futures and spot ETFs, estimates that the probability of Ethereum spot ETF being approved by the SEC in May is as high as 70%.