Gary Gensler’s Grandpa Tendencies. | Web3 Daily

TL;DR

• Yesterday, the Chair of the US Securities and Exchange Commission (aka “Ol’ Gaz”) had yet another Senate hearing with lawmakers to discuss the future of crypto in the US.

• Instead of embracing change (which could lead to a ton of innovation and economic prosperity) Ol’ Gaz is saying: no need for change, while the rest of the world embraces crypto, we’ll keep things as they are. It’ll be fiiiine.

• Then instead of providing wisdom and clear cut advice, he’s instead gone down the path of: we make the rules, and we’re not telling you what those rules are.

• Gare Bear, ser, we understand that you don’t like change – but at least tell us which rules to play by so we can understand the game we’re playing.

Full Story

Look, we’re not saying Gary Gensler is like our grandpa.

But he does have some ‘grandpa tendencies.’

Here’s what we’re getting at:

Yesterday, the Chair of the US Securities and Exchange Commission (aka “Ol’ Gaz”) had yet another Senate hearing with lawmakers to discuss the future of crypto in the US.

This meeting comes fresh off the back of a federal judge’s decision last month to side with Grayscale over the SEC regarding a review of their spot Bitcoin ETF filing.

When asked what the SEC needs to see in a filing to actually approve a spot Bitcoin ETF (aka a way to trade Bitcoin on the stock market), Ol’ Gaz had this to say: “We have multiple filings around Bitcoin exchange-traded products…I’m looking forward to the staff’s recommendations.”

(I.e. ‘no comment’).

Here’s where the grandpa tendencies came into play:

Instead of embracing change (which could lead to a ton of innovation and economic prosperity) Ol’ Gaz is saying: no need for change, while the rest of the world embraces crypto, we’ll keep things as they are. It’ll be fiiiine.

Then instead of providing wisdom and clear cut advice, he’s instead gone down the path of: we make the rules, and we’re not telling you what those rules are.

On Monday this week, asset manager Franklin Templeton became the latest Wall Street giant to enter the Bitcoin ETF race by filing an SEC application for a “Franklin Bitcoin ETF.”

This follows applications from: Grayscale, BlackRock, Fidelity, and ARK Invest (to name a few).

Gare Bear, ser, we understand that you don’t like change – but at least tell us which rules to play by so we can understand the game we’re playing.

And while we’re here, no one likes your khaki shorts.