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Gary Gensler Makes Statement on Bitcoin ETF Approval! The U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded fund (ETF) applications today. This is a significant step towards the wider acceptance of Bitcoin in traditional financial markets.
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In announcing the decision, SEC Chairman Gary Gensler said that the Commission acted within the law and in accordance with how the courts interpret the law. Gensler said, “Today, the Commission approved the listing and trading of a number of spot Bitcoin exchange-traded product (ETP) shares.”
Prior to announcing the decision, Gensler lost a lawsuit challenging the rejection of an application by Grayscale, which was denied by the Commission because it did not consider Bitcoin to be an commodity. As a result of the lawsuit, the Commission came under increased pressure to approve Bitcoin ETFs.
Gensler continued to explain the decision, saying, “Today’s action is limited to ETFs that hold a non-security commodity, bitcoin. This should in no way be read as a sign that the Commission is willing to approve listing standards for crypto asset securities.”
Gary Gensler highlighted the decision will protect investors.
Gensler also highlighted that the decision included certain protections for investors. These protections include requirements that bitcoin ETP sponsors make full, fair, and accurate disclosures about their products, that the products be listed and traded on registered national securities exchanges, and that existing rules and conduct standards apply to the trading of approved ETPs.
Gensler added that the decision would not end the debate about the legal status of Bitcoin. He said, “As I have said in the past, and evaluating any crypto asset with an open mind, the overwhelming majority of crypto assets are investment contracts and therefore subject to federal securities laws.”
Gensler’s decision will reignite the debate about the legal status and regulation of Bitcoin. However, the decision is a significant step towards the wider acceptance of Bitcoin in traditional financial markets.
The decision will help to make Bitcoin more accessible and secure for investors. It could also help to reduce uncertainty about the legal status of Bitcoin.
The decision is also a significant milestone for the cryptocurrency industry. The decision shows that cryptocurrencies are increasingly being accepted in traditional financial markets.