Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chairman played a crucial role in the approval of 11 spot bitcoin exchange-traded funds (ETFs) on Wednesday.

This is despite the fact that Gensler has been viewed as an adversary towards crypto in the past few years.

The SEC held a final vote on spot bitcoin ETFs, resulting in a 2-2 split between commissioners Hester Peirce and Mark Uyeda in favor and Caroline Crenshaw and Jaime Lizárraga opposing.

Gensler's vote became the deciding factor for the approval.

Before giving the green light to spot bitcoin ETFs, the SEC conducted conclusive votes on proposed rule changes by NYSE Arca, Nasdaq, and Cboe BZX to facilitate the listing and trading of these funds.

The approved ETFs include ARK 21shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), Franklin Bitcoin ETF (EZBC), Invesco Galaxy Bitcoin ETF (BTCO), Vaneck Bitcoin Trust (HODL), Wisdomtree Bitcoin Fund (BTCW), Bitwise Bitcoin Trust (BITB), Ishares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), Hashdex Bitcoin ETF (DEFI), and Grayscale Bitcoin Trust (GBTC).

Not An Endorsement

Despite Gensler's role in the ETF approval, he clarified in a statement that the Commission's approval doesn't imply an endorsement of bitcoin.

Gensler maintained a cautious stance, advising investors on the risks associated with crypto asset investments.

He reiterated his perspective that most crypto tokens are regarded as securities:

"As I've said in the past, and without prejudging any one crypto asset, the vast majority of crypto assets are investment contracts and thus subject to federal laws."