US Securities and Exchange Commission (SEC) Chairman Gary Gensler announced today that the agency's recent approval of several spot Bitcoin ETFs was given to only one cryptocurrency, Bitcoin.
This announcement comes despite expectations that Spot Ethereum ETFs could be the next product to receive approval.
“As I said two weeks ago, what we are doing with respect to Bitcoin ETFs is limited to this single non-security commodity and should not be construed as anything other than that,” Gensler said during a media briefing.
The SEC Chairman also underlined that there is now better clarity for investors when it comes to Bitcoin funds:
“From this perspective, there is also better lighting. They are now listed on exchanges rather than trading in over-the-counter markets. There were 10 or 11 of them operating at the same time, creating a certain competitive environment. “You have seen some competition where investors benefit from lower fees.”
When asked for his thoughts on the recent court hearings, Gensler left the floor to enforcement staff and the agency's plaintiffs for details. However, he did offer a warning to investors interested in crypto securities:
“But stepping back from any litigation, I think the investing public needs to be aware and careful if they are interested in investing in crypto securities that these crypto security tokens are not necessarily giving them proper disclosures and that they are not getting those disclosures from these non-compliant token operators.”
*This is not investment advice.