First on CNBC: CNBC Transcript: SEC Chair Gary Gensler Speaks with CNBC’s “Squawk Box” Today

This is both a video interview and an unofficial transcript that aired this morning, the day after the ETF approvals, between Andrew S. Sorkin and the SEC’s Gary Gensler.

Gensler makes clear that the Bitcoin ETFs are actually ETPs (Exchange Traded Products). And, perhaps the most noteworthy tidbit is what Gensler still thinks about Bitcoin:

quote GENSLER: Well, look, bitcoin itself, we did not approve, we did not endorse. This is a product called an exchange traded product, a way that investors can invest in that underlying non-security commodity called bitcoin. But, yes, investors, I think, should be aware that this -- the underlying asset is a highly speculative, volatile asset, and amongst its use cases is really for illicit activity, money laundering and sanctions and ransomware and the like. And I know that you’ve asked other people over the last few days, is it being used as a store of value? It is a speculative value store of value. Is it being used as a payment anywhere? Are we buying cups of coffee with it? Not really. The only payment mechanism it’s being used for in sort of a -- in a primary sense is illicit activity. end quote

With views like these, it seems unlikely that Gensler will approve any other crypto ETFs that he has already deemed to be securities. And, he must have been pressured by the likes of Blackrock and the like to approve the spot Bitcoin ETFs. His only victory is the cash basis.