US Securities and Exchange Commission (SEC) Chairman Gary Gensler declined to comment on the potential approval of Bitcoin Spot ETFs in his statement today. Gensler announced that he would not make “prejudice” on this issue.
Speaking at the 'Health Markets Association' conference today, Gensler also stated that the SEC has a long-tested transaction process to evaluate such applications.
The cryptocurrency industry is eagerly awaiting the approval of the first Bitcoin Spot ETF product. Wall Street giants, including BlackRock and Fidelity, have made many applications recently, but the applications were postponed for later evaluation. In his statement, Gensler said that these ETF products must register with the SEC and go through an application process similar to IPOs.
As we reported as Bitcoinsistemi.com, SEC officials met with BlackRock representatives today.
In his statement today, Gensler reiterated his views that he thinks Bitcoin is a commodity, but expressed concerns about the cryptocurrency industry in general. The SEC chairman cited malicious actors, fraud, manipulation and money laundering in the crypto industry as examples.
Continuing his statement, Gensler warned potential cryptocurrency investors to “be alert and careful” and said that they should take precautions. He compared the cryptocurrency industry to the period of disharmony in the 1920s.
*This is not investment advice.