SEC Chair Nominee Gary Gensler Calls Bitcoin (BTC) “A Catalyst for Change”, Is Bitcoin ETF Coming Soon?

Bhushan Akolkar
March 3, 2021
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Bitcoin ETF

In quite a welcome move for the crypto industry, SEC Chairman nominee Gary Gensler recently responded to questions about blockchain, crypto, and Bitcoin, in a positive manner. Speaking at the nomination hearing, Gensler sounded very much positive about Bitcoin and crypto innovation in general.

Speaking before the Senate Banking Committee, Gensler called Bitcoin “a catalyst for change”. He further added:

“Markets—and technology—are always changing. Our rules have to change along with them… In my current role as a professor at MIT, I research and teach on the intersection of technology and finance. I believe financial technology can be a powerful force for good… but only if we continue to harness the core values of the SEC in service of investors, issuers, and the public.”

However, Gensler noted that the SEC will take every measure to make crypto markets free from fraud. He added:

The SEC must ensure that the crypto market “are free of fraud and manipulation, and I think that’s the greater challenge, frankly, because some markets, usually operating overseas, have been rife with fraud”.

There’s not much movement though in Bitcoin (BTC) price as it continues to hold above $49,000 as of press time.

Will Gensler’s Nomination Fuel Chances of Bitcoin ETF?

With Bitcoin (BTC) hitting new highs, financial institutions are now gearing up for having Bitcoin ETF-like products in the market. Canadian regulators have already approved two Bitcoin ETFs last month which received a strong response from investors.

While the North American market has already got its first ETF, all eyes are on the U.S. and the SEC Chair nominee Gary Gensler. His pro-Bitcoin pro-innovation stand is giving hopes to the industry that the U.S. finally might have a Bitcoin ETF this year after dozens of rejections. CBOE and NYDIG are the recent applicants in 2021.

Galaxy Digital Chairman & Wall Street Mike Novogratz is optimistic about Gensler’s appointment. Working with him in the past, Novogratz believes that Gary is “tough but fair”. The Bitcoin community is particularly excited about Gensler’s appointment and even more with the higher chances of Bitcoin ETF. This is because it will further propel higher institutional participation in the market.

Not only the Bitcoin community but even Ripple (XRP) supporters are positive about the new SEC Chair. Looking at their hostile relations with the previous chairman Jay Clayton, Ripple is now working to build a healthy relationship with the new SEC chair.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.