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Bitcoin ETF approval has led investors to speculate about ETFs for various altcoins. Despite no solid basis for rumors about XRP, SOL, and other cryptocurrencies, the SEC Chairman made some statements today. He implied a betrayal of Nakamoto’s philosophy in part of his statement.
SEC Chairman’s Crypto Statements
Gary Gensler discussed details related to the Ethereum ETF approval in a statement to CNBC on Wednesday. Shortly after waging a war on the Ethereum ecosystem as a whole, Gensler changed his mind when a full rejection seemed imminent. Within a few days, we saw ETH ETF approvals completed with the applications.
After launching as a futures ETF on the Chicago Mercantile Exchange, there was no other option for BTC and ETH. The SEC implied this in today’s statement regarding the approval. Gensler said the following on the matter:
“Ethereum has been trading on the Chicago Mercantile Exchange for over three years. Staff closely examined this and approved it. Now, the exchange-traded products (ETPs) still need to go through a process to make a statement on this. This will take some time, but they are currently working on it.”
Two weeks ago, Gensler stated on stage at an event that the institution was trying to act in accordance with the court’s decision:
“We do this by looking at the laws and how the courts interpret them. I am deeply committed to the laws.”
Nakamoto Philosophy
In today’s statement, Gensler reiterated his views that most altcoins are securities. He also mentioned that they do not provide the necessary information and that the altcoins you invest in are not transparent with you. The SEC Chairman even suggested that Ether is a security, citing the Foundation’s talks about it at events.
“These are indicators of a security.”
He then mentioned Nakamoto:
“Moreover, your so-called crypto exchanges, which combine and package functions that the public investing in you does not have proper protection for as specified by Congress in the laws. As a result, we see the industry facing various bankruptcies and frauds. Satoshi Nakamoto’s bitcoin white paper may be innovative. However, this is a highly centralized area, and Nakamoto’s vision is forgotten/unmet when you trust a small handful of crypto intermediaries with your money and assets.”
