Crypto Skeptic Gensler Becomes Reluctant Backer of Bitcoin ETFs

Securities and Exchange Commission Chair Gary Gensler is a well-known critic of the crypto industry, often warning investors that the asset class is rife with fraud.

But the top Wall Street regulator, who’s seen as crypto’s no. 1 enemy, made a rare capitulation when he became the determining vote in a split decision Wednesday to approve almost a dozen spot Bitcoin exchange-traded funds — a product that he and his predecessor had rejected more than 20 times.

His decision, which allowed companies including BlackRock Inc. and Fidelity to launch products Thursday, didn’t seem to be one made with much conviction. ...