The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, cast the deciding vote approving 11 spot bitcoin exchange-traded funds (ETFs) in a landmark decision on Wednesday. Before the approvals, the securities regulator held a vote on spot bitcoin ETFs, with two commissioners favoring and two opposing. Gensler’s vote tipped the scales in favor of approval.
Gensler’s Vote Tips the Scales in Favor of Spot Bitcoin ETF Approvals
Before approving spot bitcoin exchange-traded funds (ETFs) on Wednesday, the U.S. Securities and Exchange Commission (SEC) held final votes on the rule changes proposed by NYSE Arca, Nasdaq, and Cboe BZX to list and trade the funds.
Two SEC commissioners, Hester Peirce and Mark Uyeda, voted for approval, while Caroline Crenshaw and Jaime Lizárraga opposed it. The vote split at 2-2, with Gary Gensler casting the deciding vote in favor of approving spot bitcoin ETFs. Bloomberg analyst James Seyffart commented on Thursday:
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