On September 29th, Gary Gensler reiterated his preference for a future-based ETF. The SEC has been adamant about approving a Bitcoin ETF (unlike his neighbor, the Canadians), but Gensler thinks an ETF containing options makes more sense. That's cool
Just one day later, the SEC delayed at least two months its commitment to respond to the ETF approval requests from the different institutions who have brought forth their proposals. ETFs could open the floodgates of mainstream institutional investment to crypto. That's not so good.
Also, in late September, Federal Reserve Chairman Jerome Powell said the Fed had no intention to ban stablecoins, although he did call for some regulation. But that's ok.
Nevertheless, a few days later, we learned that the SEC issued a subpoena to USDC stablecoin backer Circle. Just like they did with Coinbase and Uniswap, the SEC is taking on the big fish in their attempt to get a grasp of how to regulate stablecoins and at the same time deliver a message to the whole industry. That is not nice.
But then, last Tuesday, when asked directly whether he would suggest the USA follow China’s path of banning crypto from favoring a government-issued digital currency (CBDC or Central Bank Digital Currency), Gensler answered he didn’t. That's good, Gary, thanks.