Gary Gensler explains why the SEC approves a Bitcoin futures ETF-regulation
Gary Gensler explains why the SEC approves a Bitcoin futures ETF-regulation
SEC chairman Gary Gensler has declared why the US stock Exchange supervisory authority (SEC) decided to approved a stock market-traded Bitcoin Futures Fund (ETF) for trading on the NYSE. In the meantime, the Commission has not approved a spot bitcoin ETF.
Why the SEC Bitcoin Futures ETFs approved
When the first Bitcoin Exchange Traded Fund (ETF) based on Futures, made their debut in the United States at NYSE, the chairman of the US Securities and Exchange Commission (Sec) said why the supervisory authority gave the green light for a Bitcoin Futures-ETF, but did not give a spot bitcoin ETF.
In an interview with CNBC on Tuesday, the chairman of the SEC, Gary Gensler repeated that his agency should be "technology -neutral but not politician". He stated:
We try to ensure that projects fall into the investor protection area as well as possible.
"Bitcoin futures were supervised by our sister agency, the Commodity Futures Trading Commission, [CFTC], for which I once had an honor and pride, and that was four years ago," continued the SEC boss.
he added that one of the applications "became effective in terms of these products at Chicago Mercantile Exchange". [CME] that monitors our sister agency. “
When asked why the SEC has approved a Bitcoin futures ETF, but did not approved a spot bitcoin ETF, Gensler found that he would not comment on a specific application or project. However, the SEC boss made it clear:
What you have here is a product that is supervised by a US federal supervisory authority for four years, the CFTC, and which is packed in something that is mentioned in our jurisdiction to the investment company act from 1940. So we have some ways to add it within the investor protection.
While he emphasized that Bitcoin is "still a highly speculative investment class and the listeners should understand that there is still the same aspect of volatility and speculation," concluded the SEC chairman: "Our sister agency monitors this for four years and then it is to an 80 year old law here at the Sec."
The ProShares Bitcoin Strategy ETF, Ticker "Bito", Act Tuesday on the New York stock exchange (NYSE). "The fund primarily strives for capital growth through an administrated engagement in Bitcoin futures contracts," says his website and adds that it "does not invest directly in Bitcoin".
What do you think that the SEC approves the first Bitcoin-based ETF and the comments from Gensler? Let us know in the comment area below.
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