SEC chairman Gensler explains why you have approved the Bitcoin Bito ETF

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Gary Gensler - Chairman of the Securities and Exchange Commission - recently declared his consent to a Bitcoin Futures ETF. He believes that the Proshares ETF is easier to protect the investors than a spot-traded fund. However, many bitcoiners and other crypto supporters stay against it.

protection for futures ETF users

Gensler broadcast his thoughts in a recent interview with CNBC, in which he via the The approval of the proshares bitcoin strategy et. The interviewer asked why the chairman gave a Bitcoin futures ETF in front of a Bitcoin-Spot-ETF.

Gensler reacted by contextualized with the goals of the SEC. He explained that they welcome technological innovations, but have to bring projects into the field of investor protection.

"I think that we should be technologically neutral in the official sector, but not politically new," said the chairman.

He also explained that Bitcoin Futures has been supervised by Commodities and Futures Trading Commission for four years. The CFTC supervises the Chicago Mercantile Exchange (CME), which is active after the 1940 Investment company. It offers investors protection against everyday market manipulations.

In the prospectus after ProShares released Last week the company submitted its Bitcoin ETF in accordance with the 1940 law.

Gensler made it clear that Bitcoin is still a highly speculative and volatile asset class, but the regulatory supervision of the CFTC is still valued.

are futures ETFs a better choice for investors?

Some influential voices in the crypto community criticized the SEC because it first approved a Bitcoin futures ETF.

Raoul Pal - CEO by Global Macro Investor - criticizes the product to benefit massively from the profits of investors to administrative fees. He called it a "suboptimal" solution compared to spot trading that harms private investors more than they help.

also popular voices, including Willy Woo and Preston Pysh, were critical. You stored to transform your Bitcoin fund into a publicly traded Bitcoin-Spot ETF. There is still no signal that this or other Bitcoin Spot ETFs are approved.

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