Gary Gensler as soon as criticized the US securities regulator for its “inconsistent” strategy to identify Bitcoin (BTC) merchandise, in accordance with a resurfaced video of Gensler from 2019.

The video clip, which has lately made the rounds once more on social media, exhibits the pre-SEC Gensler discussing blockchain regulation on the 2019 MIT Bitcoin Expo in a hearth chat with Securities and Trade Fee (SEC) commissioner Hester Peirce.

“Bitcoin futures, and I feel Ethereum futures and so forth, will exist and Bitcoin ETFs haven’t and that feels slightly inconsistent to me […]It feels slightly inconsistent,” Gensler mentioned.

“Despite the fact that the legal guidelines aren’t precisely the identical, they’re fairly related,” he added.

In the meantime, on X (Twitter), the crypto neighborhood couldn’t assist however spotlight the distinction with Gensler’s views towards spot Bitcoin ETFs as we speak.

​​​​”​​Gary Gensler says Gary Gensler is unsuitable,” market analyst Zack Voell posted. “We missed out on chill and regular Gensler,” one other X person remarked.

Gary Gensler says Gary Gensler is unsuitable. pic.twitter.com/sHGzHcUyIC

— Zack Voell (@zackvoell) October 28, 2023

So far, the SEC has solely accepted Bitcoin and Ethereum futures ETFs.

Associated: Ripple CEO criticizes former SEC Chair Jay Clayton’s feedback

From way back to 2017 the SEC has rejected spot Bitcoin ETF purposes, a convention carried on underneath Gensler who has denied, delayed or pushed again current spot Bitcoin ETF purposes claiming the funds don’t have protections for market manipulation.

Gensler’s SEC was sued by asset supervisor Grayscale for rejecting its bid to transform its present Bitcoin belief right into a spot ETF.

A court docket dominated the SEC was “arbitrary and capricious” to reject the applying. The SEC didn’t enchantment the choice.

Journal: Crypto regulation — Does SEC Chair Gary Gensler have the ultimate say?