SEC Chairman Gensler: "Bitcoin Spot ETFs Violate Satoshi's Spirit".

The chairman of the U.S. Securities and Exchange Commission has criticized the launch of a bitcoin spot ETF, saying it violates the "decentralized" values espoused by bitcoin's creator. "The launch of a bitcoin spot ETF is ironic in that it goes against Satoshi Nakamoto's decentralization mission," SEC Chairman Gary Gensler said in a CNBC interview Wednesday (local time). Satoshi Nakamoto is the pseudonymous creator of bitcoin who proposed a "trustless electronic trading system" in a 2008 white paper. "Satoshi Nakamoto envisioned bitcoin as a decentralized system and decentralized finance, but it ended up being centralized," said Gary Gensler.

Spot bitcoin ETFs crossed the regulatory threshold for the first time on Jan. 10 and began trading the next day, Jan. 11. Gensler emphasized that the approval of the spot ETF does not mean that he approves or endorses bitcoin itself, and he reiterated his critical view of the crypto industry. "It was about blockchain technology, which is an accounting system, and ledger innovation," he said of his past lectures on blockchain and cryptocurrency at MIT, adding, "There's no question that there's innovation in the ledger space." As for the much-anticipated Ethereum Spot ETF, he clarified that "what the SEC approved this week is limited to a non-securities product called bitcoin."

The SEC chairman also addressed Senator Elizabeth Warren's criticism of the approval of bitcoin ETFs. Earlier, Warren said the SEC's decision to approve the ETF was both legally and politically wrong. "The SEC has allowed cryptocurrencies to burrow deeper into our financial system," she said, calling for the swift application of anti-money laundering rules. In response, the SEC chairman said he deeply respects and understands the opposition to bitcoin spot ETFs and the need for compliance.