SEC chair hints at no spot Bitcoin ETFs yet, but cites ‘careful consideration’ for future

Gary Gensler reiterated his stance of being technology-neutral, however can rigorously think about considerations raised by congresspersons.

 NEWS

Gary Gensler, chair of the U.S. The Securities and Exchange Commission has more established a letter from lawmakers occupying the regulator denying approval of Bitcoin spot exchange-traded funds “unacceptable.” In a Tuesday letter from Gensler self-addressed to Minnesota Representative Tom corn, the SEC chair hinted that the restrictive body was no nearer to approving a Bitcoin (BTC) spot ETF within us capable of preventing “fraudulent and artful acts and practices” by the standards of the Exchange Act. Gensler reiterated his stance of being technology-neutral, however, he would offer “careful consideration” to the considerations corn raised in Nov.

Gensler took quite 3 months to reply to a letter from corn and pro-crypto Representative Darren Soto. The try advocated for the SEC to approve Bitcoin spot ETFs, with Soto occupying crypto as “a driver of economic growth” within the U.S. and “crucial for the U.S.A. to regulate it to maximize the potential edges and mitigate any risks.”

“The SEC’s approach to cryptocurrency regulation has been unacceptable,” aforementioned corn within the Nov letter. “While the commerce of Bitcoin futures ETFs may be a nice success for the several yank investors, World Health Organization are hard restrictive, it doesn’t add up that Bitcoin spot ETFs cannot additionally begin commerce.”

To date, the SEC has not approved any Bitcoin spot ETF application from an institution despite some lawmakers and business leaders criticizing the commission’s inaction for holding us back on innovative investment vehicles. However, when Gensler hinted in August 2021 that he would be additional receptive to acceptive ETFs supported crypto futures instead of through direct exposure, several corporations filed crypto “strategy” ETF applications with the SEC. The commission has since approved ETFs joined to BTC futures from mythical beings, ProShares and VanEck.

Related: SEC informatory member calls the agency to open for public touch upon crypto regulation. Companies still place forth crypto spot ETF applications, with the SEC recently rejecting those from Fidelity, SkyBridge, and WisdomTree. The restrictive body is anticipated to achieve a choice on NYDIG’s application for a spot Bitcoin ETF in March.