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The U.S. Securities and Exchange Commission (SEC) today approved the listing and trading of spot Bitcoin ETF applications.
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SEC Chairman Gary Gensler released a lengthy statement on the SEC’s website following the announcement of the Bitcoin ETF approval. Here are the highlights of the statement:
“We Did Not Endorse Bitcoin!”
“While we have approved the listing and trading of spot bitcoin ETFs today, we did not endorse or approve Bitcoin.”
“The Commission approved the listing and trading of a number of ETFs that trade on spot bitcoin exchanges. This decision comes after the U.S. Court of Appeals for the District of Columbia Circuit overturned a decision that found the SEC did not adequately explain its rejection of Grayscale’s proposed ETF.”
“The Commission evaluates each rule filing made by a securities exchange for compliance with the Securities Exchange Act and the related regulations. This approval is limited to spot bitcoin ETFs and does not signal a green light for other cryptocurrency asset securities.”
“Investor protection measures include requirements that ETF sponsors make accurate disclosures about their products, that the products be listed and traded on registered national securities exchanges, and that existing trading rules and conduct standards apply.”
The SEC will monitor regulated exchanges
“The Commission will monitor regulated exchanges to prevent fraud and manipulation and will ensure that rules addressing conflicts of interest are enforced.”
“Third, Commission staff is separately completing the review of registration statements for 10 spot bitcoin ETFs at the same time; this will help to create a level playing field for issuers and promote fairness and competition by benefiting investors and the broader market.”
“Since 2004, the Commission has had experience supervising non-security spot commodity ETFs, such as those that hold certain precious metals. Also, this experience will be valuable in our oversight of spot bitcoin ETF trading. While I am impartial on the merits, I want to note that the underlying assets in metal ETFs have consumer and industrial uses, whereas bitcoin is a speculative, volatile asset that is also used for illegal activities such as ransomware and money laundering.”
“While we have approved the listing and trading of certain spot bitcoin ETF shares today, we have not endorsed or supported Bitcoin. Investors should be aware of the numerous risks associated with Bitcoin and products whose value is tied to cryptocurrency.”
“Finally, the Commission emphasizes that it has experience supervising non-security spot commodity ETFs since 2004, but in this case, Bitcoin is an asset that is primarily used for speculative and illicit activities.”