SEC Attributes Increased Transparency to Bitcoin ETF, Reiterates Disapproval of “Other” Cryptocurrencies
Perhaps to avoid market volatility? Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), rarely comments on cryptocurrencies other than Bitcoin. In a media briefing, he once again poured cold water on the Ethereum spot ETF.
Gary Gensler: Disagreement with assets other than Bitcoin
Gary Gensler recently held a media briefing, and according to foreign media outlet The Block, it is widely believed that the next approved ETF will be an “Ethereum spot ETF” since the SEC has cleared the way for a Bitcoin ETF. In response, Gary Gensler reiterated his previous stance:
As I mentioned two weeks ago, the work we are doing on Bitcoin ETFs is limited to BTC as a single non-securities commodity. This should not be interpreted as our endorsement of any other commodities.
Spot ETF enhances transparency of Bitcoin
Although Gensler initially explained in his statement that the approval of the Bitcoin ETF was mainly due to Grayscale’s defeat, he pointed out that the trading environment for Bitcoin has significantly improved:
From this perspective, Bitcoin has higher transparency. They are listed on exchanges rather than traded over-the-counter. There are 11 issuers operating simultaneously, creating a certain competitive environment. We can already see some commercial competition, and investors benefit from lower costs.
The SEC’s actions in the crypto field are still ongoing, and the lawsuits between the SEC and Binance and Coinbase have not been formally concluded.
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SEC hopes to cite the Terraform Labs ruling to win in the Binance and Coinbase cases
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Gary Gensler
SEC
Further reading
SEC postpones BlackRock’s Ethereum spot ETF, decision to be made on March 10
Wall Street crypto exchange EDX Markets completes Series B financing, plans to expand in Singapore and promote contract trading
