Cryptocurrency investors are having a busy day. Investors who were impatient to see if the Bitcoin futures ETF, which started trading on the NYSE, would pave the way for the new ATH, faced the statements of SEC chairman Gary Gensler.
Speaking about the GameStop report published yesterday on CNBC and the Bitcoin ETF that started trading today, Gensler made important statements.
Stating that Bitcoin continues to remain in the highly speculative asset class, Gensler stated that legal protection was provided years later with the futures ETF.
The host asked Gensler the same question that is on the minds of many investors. Why did the SEC approve a futures ETF instead of a regular Bitcoin ETF?
Answering this question, the president stated that they try to be neutral in their policies regardless of technology and try to do their best.
“We use our powers to create the frameworks needed to protect investors. The Bitcoin futures ETF you mentioned is already traded on the CME exchange, where I used to work. This institution is regulated by the CFTC.”
When the presenter asked whether the concerns about manipulation and fraud were effective in this choice, similar to the previous approach, Gensler used the following statements;
“Well, I’m not going to get into any apps or projects, I think what you have here is a product wrapped in something that has been hatched in our jurisdiction, which has been overseen for 4 years by the US Federal regulator CFTC.
Thanks to the Investment Company Act of 1940, we have the ability to get it into investor protection. Listeners should understand that there is still volatility and speculation underneath it. But we have a sister organization that’s been watching it for 4 years, and then here in the SEC, it’s protecting the investor by bringing in an eighty-year-old law.”