SEC Chairman Says He Won’t “Prejudge” the Situation, Remaining Silent on Spot Bitcoin ETF Prospects

CS Web Team
By CS Web Team 2 Min Read

Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), remained silent when asked by reporters whether the industry would soon see a spot Bitcoin ETF.

Highlights
  • “This is a field that is rife with bad actors and rife with fraud and manipulation and money laundering,” SEC Chair Gary Gensler said on Wednesday, without specifically addressing questions about applications for spot bitcoin ETFs.

SEC Chair Gary Gensler has not made any determinations Regarding spot Bitcoin ETF. He claims to be “carefully considering” each application.

When asked if the sector would see any action regarding the future of a spot bitcoin ETF in the upcoming months, Securities and Exchange Commission (SEC) chair Gary Gensler indicated he would not prejudge the topic.

On Wednesday, Gensler gave a speech at a conference held by the Healthy Markets Association. He said that the review procedure used by the SEC is a “time-tested process.”

When asked if he was hopeful about the possibilities for a spot bitcoin ETF, Gensler responded, “I’m not going to prejudge any particular application.” “We’ve received a number of filings, and we will keep carefully reviewing them.”

There are multiple applications for a spot bitcoin exchange-traded fund that are awaiting approval from the SEC. In the past, Gensler has expressed his concerns regarding market volatility and the possibility of manipulation in spot bitcoin ETFs.

On these spot bitcoin ETF applications, we’ve been collaborating extremely closely with the exchanges and the sponsors, according to Gensler. “We’re working with them on a number of issues, and we’re making progress.”

When he anticipates the SEC will rule on any of the outstanding spot bitcoin ETF applications, Gensler remained silent. He did, however, state that he is dedicated to offering an impartial and open procedure.

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