The long-standing rejections of Bitcoin futures and spot ETFs came to an unexpected turn under the much-criticized chairmanship of Gary Gensler. Gensler, who cast a pivotal vote in favor, admitted that this approval was the most viable option in light of the loss in the Grayscale lawsuit.

Further reading：Landmark Approval: SEC Authorizes Bitcoin Spot ETFs, a Major Milestone for Cryptocurrency

As revealed by Fox Business reporter Eleanor Tereett, the SEC internally voted on the approval of Bitcoin spot ETFs, with Chair Gary Gensler also casting a vote in favor. This decision has left the crypto community astonished, especially considering Gensler's previous stance on cryptocurrency regulations.

https://twitter.com/EleanorTerrett/status/1745223606538305892

Further reading：The Fate of Spot Bitcoin ETF in SEC Commissioners’ Hands: Diverse Perspectives on Cryptocurrency

In his statement, Gensler acknowledged that the SEC's hand was forced due to the defeat in the Grayscale lawsuit. He emphasized that the SEC has always acted within the bounds of legal regulations. He noted that since Jay Clayton's tenure starting in 2018, the SEC had rejected over 20 proposals for spot Bitcoin Exchange-Traded Products (ETPs) until the U.S. Court of Appeals for the District of Columbia Circuit criticized the SEC for not adequately justifying its refusal to approve Grayscale’s ETP.

Considering these circumstances and a more comprehensive discussion on product structures, Gensler believed that approving the Bitcoin spot ETF was the most feasible solution.

However, Gensler made it clear that Bitcoin, compared to non-security commodity ETPs like those for precious metals, is still rife with speculation, high volatility, and is used in illegal activities such as money laundering, ransomware, and terrorism financing.

Gensler emphasized:

"While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto."

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Keywords: Gary Gensler, SEC, Bitcoin Spot ETF, Grayscale Lawsuit, Cryptocurrency, Investor Caution, Financial Regulation, ETP Approval, Legal Constraints, Bitcoin Risks, Market Speculation