BitcoinBTCNewsSecurity

Gary Gensler Doesn’t Endorse BTC, Amid Bitcoin ETF Approval

1 Mins read

Despite approving 11 spot Bitcoin exchange-traded funds (ETF) today, Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC) and a prominent crypto critic, explicitly denies approving or endorsing Bitcoin.

“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin,” it was stated.

Gary Gensler Warns Investors Over Bitcoin, As Bitcoin ETF Receives Approval

In a recent statement, Gary Gensler provided a detailed overview of the SEC’s approval process. In particularly, for the 11 spot Bitcoin ETF applications from major US asset management firms that the SEC gave the nod to, today. He emphasizes that the greenlighting of these applications does not equate to the SEC endorsing Bitcoin.

“It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities.”

He further states that while investors have already been able to purchase Bitcoin through crypto exchanges and other means, the approval of spot Bitcoin ETFs now provides additional protection for investors.

Gensler explains that sponsors of bitcoin ETFs will be required to provide full, fair, and truthful disclosure about the products.

Furthermore, investors in any bitcoin ETF that is listed and traded will benefit “from the disclosure included in public registration statements and required periodic filings.”

Gensler further states that the SEC has been overseeing ETFs and related products for almost two decades. He reassures investors that with the regulator now overseeing this product. Additionally, investors can have piece of mind knowing that their funds will have protection by more stringent laws.

“Since 2004, this agency has had experience overseeing spot non-security commodity ETPs, such as those holding certain precious metals. That experience will be valuable in our oversight of spot bitcoin ETP trading.”

SEC Recent Approval of Spot Bitcoin ETFs

On January 10, BeInCrypto reported that the SEC has approved 11 spot Bitcoin ETF applications from major asset management firms.

The SEC’s approval of the spot Bitcoin ETF represents a major shift in the regulatory climate.

Furthermore, it signals a growing acceptance of cryptocurrencies within traditional financial systems.

The ETF allows investors to gain exposure to Bitcoin without the complexities of direct ownership, such as managing cryptographic keys. This development can potentially attract a broader range of investors, including those who prefer conventional investment vehicles.

Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.