SEC Chief Gensler Greenlights Bitcoin ETFs Despite Crypto Doubts
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SEC Chairman Gary Gensler, known for his anti-crypto views, approved Bitcoin spot ETFs, allowing average investors exposure to crypto.
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Crypto has endured crashes and scandals like FTX, showing its resilience as an asset class. Gensler likely felt pressure to approve ETFs to regulate crypto.
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BlackRock's Larry Fink pushed for Bitcoin ETF approval, seeing crypto as a new "store of value." His influence likely swayed Gensler.
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ETFs could normalize crypto with financial advisors. BlackRock could then profit from crypto assets entering model portfolios.
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Shari Redstone is still struggling to find buyers for her stake in Paramount Global's parent company National Amusements at her hoped-for $2 billion price.