SEC’s Gensler Keeps Quiet On Bitcoin Spot ETF Prospects, Refuses To ‘Pre-Judge’ The Situation
SEC Chair Gary Gensler continues to withhold comments regarding the future of spot Bitcoin BTC/USD exchange-traded fund (ETF).
What Happened: According to a report by The Block, Gensler did not provide any insights on the potential action of the SEC regarding pending applications for spot bitcoin ETFs during the Healthy Markets Association conference on Wednesday. He emphasized that he wouldn’t “pre-judge” the situation and reminded attendees of the SEC’s “time-tested process.”
Asset management giants, such as BlackRock Inc. and Fidelity Investments, have submitted several applications to introduce the first spot Bitcoin ETF.
Why It Matters: In the conference, Gensler reiterated his perspective that Bitcoin is a commodity. He also expressed his concerns about the overall crypto industry. The SEC has been stepping up its actions against crypto firms, initiating actions against Coinbase Global Inc. and Binance.
When asked about the need for more authority for the Commodity Futures Trading Commission (CFTC) to supervise crypto, Gensler supported the notion, specifically for Bitcoin.
Gensler also warned potential crypto investors and those interested in the sector to “beware, be cautious, be careful.”
This comes as Swiss-based asset manager Pando Asset AG has joined the growing list of firms seeking to launch a Bitcoin spot ETF, as revealed by a recent filing on Wednesday. This application reflects the ongoing trend in the industry to introduce more such cryptocurrency investment products.