Yeah - they were forced to allow the Bitcoin ETFs because of the outcome of GBTC appeal.
Gensler's incompetence is not unique or scarce.
Discussion
That’s what I remembered too, it was rather the courts that ultimately forced them too.
I also don't think the timing was right either. Things don't happen overnight in most cases. Would we have liked it sooner? Sure, but we aren't running the SEC. I'm sure a lot of stances and opinions had to change for it to happen.
How was he incompetent?
Rejecting the GBTC application on shakey grounds.
Approving an ETF for Etherium when he knows it passes the Howey test.
I'm sure there's more & I'm also assuming incompetence over malicious intent.
I agree with #2.
if you haven't had a chance, Caitlin Long did a podcast with Nik Bahtia that covered operation choke point and it sounded like Gary also paired with Elizabeth Warren and the Fed to take down silvergate and block custodia.
definitely more speculative and he said she said then other stuff but it was pretty evil
lastly, I agree with your point that he gave shitcoiners a hard time
I think they're going to run rampant under new admin unfortunately so it will be on bitcoin and us to win in the market