Gary Gensler Issues Statement on Spot Bitcoin ETF Approvals

Following a landmark approval of all Spot Bitcoin ETF applications, the SEC has issued a statement regarding their decision. It is the first time Bitcoin exchange-traded funds will be available on the trade markets.

In a statement, SEC Chair Gary Gensler addressed the previous court orders remanding the SEC’s decision on Spot Bitcoin ETF applications. He emphasizes in the statement that the SEC has “reluctantly” approved these applications, but understands it is a major step in the world of finance.

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“Based on these circumstances and those discussed more fully in the approval order, I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares,” Gensler says. On the other hand, Gensler goes on to discuss that the SEC is still not a supporter of Bitcoin. Gensler says the decision “should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities. Nor does the approval signal anything about the Commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws.”

Gary Gensler Further Bashes Bitcoin ETF and Bitcoin

Furthermore, the decision made today to approve Spot Bitcoin ETFs gives further security to Bitcoin and crypto investors alike. Subsequently, the decision will allow asset management firms like BlackRock, Grayscale, and Valkyrie to head their very own Bitcon-focused exchange-traded funds.”Such regulated exchanges are required to have rules designed to prevent fraud and manipulation, and we will monitor them closely to ensure that they are enforcing those rules,” Gensler says.

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Gary Gensler concludes by again affirming his non-support for Bitcoin and the ultimate ability of these ETFs. “While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto”