While Bored Ape Yacht Club members celebrated the approval of several Bitcoin ETFs, the Club’s semester, Nifty Tailor, released a brand-new ‘max pain’ Gary Gensler background mocking the Security and Exchange Commission Chairman who has been hostile towards crypto since taking office in three years ago.
January 10th, 2024 was a historic day around the swamp and the broader crypto ecosystem after the SEC announced that it has voted to approve the creation of several Bitcoin ETFs.
“Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares,” Gensler wrote in a press release on the SEC Website. “I have often said that the Commission acts within the law and how the courts interpret the law. Beginning under Chair Jay Clayton in 2018 and through March 2023, the Commission disapproved more than 20 exchange rule filings for spot bitcoin ETPs. One of those filings, made by Grayscale, contemplated the conversion of the Grayscale Bitcoin Trust into an ETP.We are now faced with a new set of filings similar to those we have disapproved in the past. Circumstances, however, have changed. The U.S. Court of Appeals for the District of Columbia held that the Commission failed to adequately explain its reasoning in disapproving the listing and trading of Grayscale’s proposed ETP (the Grayscale Order).[1] The court therefore vacated the Grayscale Order and remanded the matter to the Commission. Based on these circumstances and those discussed more fully in the approval order, I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares.”
After announcing that the Bitcoin ETFs were approved, Gensler finished his press release by reminding the world of the risks associated with Bitcoin.
“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin,” Gensler wrote. “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”
As Gensler grapples with the approval of the Bitcoin ETF, which he appears to have been the deciding vote in, Nifty Tailor released a new background design on its site dubbed Gary Gensler featuring row after row of the SEC chairman looking upset.
