From Fortune:

The SEC approved 11 applications to create spot Bitcoin ETFs this week, despite the chairman, Gary Gensler, being a crypto skeptic. In an interview, he warned investors to be cautious as Bitcoin is notorious for being highly volatile and linked to illicit activities.

Gensler emphasized that Bitcoin is used more as a store of value than as everyday currency and that the SEC “did not approve, [nor] endorse” it. This move came after the SEC allowed Grayscale to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF following an appeals court judge’s criticism.

Crypto advocates such as Michael Saylor and BlackRock’s Larry Fink celebrated the approval, while Sen. Elizabeth Warren called the SEC “wrong” in a critical post. Gensler defended the decision, attributing it to respect for the law and the courts’ interpretation of it.



Read more: Gary Gensler says SEC decision to approve spot ETFs isn’t an endorsement: ‘Bitcoin, itself, we did not approve’