Chances of Bitcoin ETF Approval Increase Significantly in 2021

The name of the candidate for the post of chairman of the US Securities and Exchange Commission (SEC) has caused a great stirin the crypto community - it turned out yesterday that Gary Gensler could take this post under the administration of President-elect Joe Biden.

General Counsel, Compound Labs (GC) JakeChervinsky believes that the appointment of Gensler to the regulator could have a positive effect on the approval of the Bitcoin ETF. For years, the regulator has dismissed cryptocurrency-based ETFs, citing manipulation and low security for consumers.

Chervinsky believes that Gensler's career path has allowed him to gain in-depth knowledge of the market and major cryptocurrencies.

«Gary Gensler has a deep understanding of cryptocurrency and has been a strong supporter of Bitcoin for many years. His selection as SEC Chairman signals a policy shift in favor of Bitcoin ETFs», - commented the General Counsel of Compound Labs.

However, the legal expertbelieves that the new SEC chairman is unlikely to soften the course of the lawsuit against Ripple Labs. Gensler has stated in the past that there are "good reasons" for claiming that XRP is a security under US law.

Interestingly, in one of the videos Gensler said,that XRP acts as a "bridge currency", and he called Ethereum a security, despite the fact that the Commodities and Futures Trading Commission (CFTC) considers this cryptocurrency a commodity.

However, Gensler later admitted that Ethereum's development had become "more decentralized."

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