Despite approving 11 spot Bitcoin exchange-traded funds (ETFs) today, Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC) and a leading crypto critic, is publicly refusing to endorse Bitcoin. Here are the details…
SEC Chairman commented on Bitcoin ETF
cryptokoin.com As we reported, SEC’s ETF approval was on the agenda overnight from Wednesday to Thursday. However, a statement regarding the issue came from Gary Gensler. “Today we are approving the listing and trading of certain spot bitcoin ETP shares. However, we have not approved Bitcoin,” he said. In a recent statement, Gary Gensler provided a detailed overview of the SEC’s approval process. Specifically, for the 11 spot Bitcoin ETF applications from major US asset management companies that the SEC approved today. He emphasizes that greenlighting these applications does not mean that the SEC supports BTC. Gensler says:
This should in no way indicate the Commission’s desire to approve listing standards for cryptoasset securities.
He also notes that investors can already purchase Bitcoin through crypto exchanges and other means, but the approval of spot Bitcoin ETFs now provides additional protection for investors. Gensler explains that BTC ETF sponsors are required to provide full, fair and accurate disclosures about the products. Additionally, investors in any listed and traded Bitcoin ETF will benefit from “disclosures contained in public registration statements and required periodic filings.”
SEC has been regulating ETFs for 20 years
Gensler also notes that the SEC has overseen ETFs and related products for almost two decades. It reassures investors that the regulator now regulates this product. Additionally, investors can have peace of mind knowing that these funds are protected by stricter laws. Gensler says:
Since 2004, this agency has had experience overseeing non-security commodity ETPs, such as those holding certain precious metals. This experience will be valuable in overseeing spot Bitcoin ETP trading.
Currently, the price of Bitcoin was $46,471. On January 10, reports stated that the SEC had approved 11 spot BTC ETF applications from major asset management firms. The SEC’s approval of the spot Bitcoin ETF represents a major change in the regulatory environment. It also points to the increasing acceptance of cryptocurrencies in traditional financial systems. The ETF allows investors to access BTC without the complexities of direct ownership, such as managing cryptographic keys. This development could potentially attract a wider range of investors, including those who prefer traditional investment vehicles.
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