US Securities and Exchange Commission (SEC) Chairman Gary Gensler said he is not ready to discuss approving Bitcoin (BTC) spot ETF applications.
Gensler, speaking on the sidelines of the Healthy Markets Association conference on Nov. 29, said he would not “prejudge” the issue of Bitcoin spot ETFs.
However, he did point out his concerns about the crypto industry as a whole:
“This is a field rife with bad actors and rife with fraud, manipulation and money laundering.”
SEC Chairman Gary Gensler
Gensler believes the application approval process is reliable and time-tested. He also noted that SEC staff have been dealing with similar cases for decades and have the appropriate level of qualifications.
“This is a time-tested process that goes back decades. The SEC staff is called the Disclosure Review Team, but in that group they respond and give feedback to potential issuers.”
SEC Chairman Gary Gensler
In addition to spotting Bitcoin ETFs, the SEC chief was asked about his advice for cryptocurrency investors and users interested in this industry. Gensler said those people should “be careful, be careful, be careful.”
Despite the lack of significant updates from Gensler, SEC officials are actively discussing the creation of a spot Bitcoin ETF with market participants. Thus, on November 20, representatives from BlackRock and Nasdaq met with the SEC about a Bitcoin spot ETF. The parties discussed the model for the redemption of iShares Bitcoin Trust shares.
However, the fate of the current applications remains unresolved. Earlier this month, the SEC delayed a decision on the Franklin Templeton and Hashdex Bitcoin ETFs. As in previous cases, the agency alleged a “lack of transparency” and the risk of manipulation.
