Kenne Michael 
According to a resurfaced video of Gary Gensler from 2019, he once criticized the US Securities and Exchange Commission for its “inconsistent” approach to spot Bitcoin products.
Recently recirculated on social media, the video clip shows Gensler discussing blockchain regulation at the 2019 MIT Bitcoin Expo during a fireside conversation with Securities and Exchange Commission (SEC) commissioner Hester Peirce.
“Bitcoin futures, and I think Ethereum futures and so forth, will exist, and Bitcoin ETFs have not, and that feels a little inconsistent to me […]It feels a little inconsistent,” said Gensler.
“Even though the laws aren’t the same, they are quite similar,” he continued.
Meanwhile, the crypto community on X (Twitter) could not help but emphasize the contrast between Gensler’s views on spot Bitcoin ETFs and their current state.
Zack Voell, a market analyst, posted, “Gary Gensler says Gary Gensler is wrong.” Another user of X remarked, “We missed out on chill and normal Gensler.”
Gary Gensler says Gary Gensler is wrong. pic.twitter.com/sHGzHcUyIC
— Zack Voell (@zackvoell) October 28, 2023
However, to date, the SEC has only authorized futures ETFs for Bitcoin and Ethereum.
The SEC has rejected spot Bitcoin ETF applications as far back as 2017, a tradition continued by Gensler, who has denied, delayed, or put back recent spot Bitcoin ETF applications on the grounds that the funds lack protections against market manipulation.
Asset manager Grayscale sued Gensler’s SEC for rejecting its proposal to convert its existing Bitcoin trust into a spot ETF.
The court ruled that the SEC’s rejection of the application was “arbitrary and capricious.” The SEC did not file an appeal.