Bitcoin ETF Approval – What They Said

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  • The announcement of multiple Bitcoin ETFs has led to comments from both camps
  • Fervent critics and supports alike have made their feelings known
  • Here we present a collection of notable opinions

The approval of a Bitcoin ETF has, naturally, garnered comment from many people on both sides of the spectrum. Here we present a collection of some of the most notable comments made so far.

Gary Gensler, SEC Chair

Though we’re merit neutral, I’d note that the underlying assets in the metals ETPs have consumer and industrial uses, while in contrast bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.

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.

Source – SEC statement

Michael Sonnenshein,  Grayscale CEO

Today’s historic outcome is a testament to GBTC’s investors for their unwavering patience and support, and to the entire Grayscale team and our partners for their hard work and dedication.

Source – X

Jad Comair, Melanion Capital Chief Executive 

It’s a huge milestone. It’s recognition of bitcoin being a large-scale traditional investment. We’re opening the doors to Wall Street.

Source – Financial Times

Hester Pierce, SEC Commissioner

Although this is a time for reflection, it is also a time for celebration. I am not celebrating bitcoin or bitcoin-related products; what one regulator thinks about bitcoin is irrelevant. I am celebrating the right of American investors to express their thoughts on bitcoin by buying and selling spot bitcoin ETPs. And I am celebrating the perseverance of market participants in trying to bring to market a product they think investors want. I commend applicants’ decade-long persistence in the face of the Commission’s obstruction.

Source – Official Statement

In addition to all the previously existing ways to gamble on #Bitcoin, there are now eleven more ways for speculators to place their bets. The problem for the bulls is now what’s left to bet on? It’s just too bad that Bitcoin itself has no actual real world utility, like gold.

Source – X

And because we couldn’t resist…

Satoshi Nakamoto, Bitcoin creator

It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self-fulfilling prophecy.

Link – email to Dustin Trammell