Gensler Had To Approve Bitcoin ETFs ‘With Tears In His Eyes’

Whistleblower and Bitcoin supporter Edward Snowden isn’t bothered by the U.S. Securities and Exchange Commission’s latest legal wrangling with Coinbase Global Inc.

What Happened: Snowden’s comment came in response to a tweet about a court ruling allowing the SEC to proceed with its lawsuit against Coinbase. The former National Security Agency contractor tweeted, “This doesn’t bother me. If the SEC keeps acting in bad faith like this, they’re going to lose so hard in court that they’ll never be able to do this to anyone ever again.”

The post on X, formerly Twitter, also recalled a past incident where the SEC Chair Gary Gensler had to approve Bitcoin ETFs following a legal defeat.

“Remember when the SEC got spanked so badly that Gensler had to approve BTC ETFs with tears in his eyes?”

Why It Matters: The SEC filed a lawsuit against Coinbase in June 2023, accusing the exchange of operating as an unregistered securities dealer. The court recently rejected Coinbase’s motion to dismiss the SEC’s allegations, marking a significant setback for the company.

Snowden, a known supporter of Bitcoin, has previously called it the most significant monetary advancement since the invention of coinage. He has also predicted that a national government will be revealed this year to have been buying Bitcoin without disclosing the fact.

Price Action: Coinbase shares ended the regular session 3.79% lower at $256.70. The shares were up nearly 0.9% in the after-hours trading. Bitcoin was seen trading 1.12% lower at $69,725.02.


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