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Gary Gensler, Chairman of the SEC, Looks Forward To Reviewing Bitcoin Futures ETF Files

SEC Chairman Gary Gensler Says He Looks Forward to Review of Bitcoin Futures ETF Filings

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explains that some laws provide “significant investor protections” for exchange-traded funds (ETFs), including those seeking to invest in bitcoin futures. He is looking forward to the SEC reviewing such filings.

SEC Chairman Looks Forward to Staff’s Review of Bitcoin Futures ETF Filings

SEC Chairman Gary Gensler spoke about crypto regulation at Wednesday’s Future of Asset Management North America conference of the Financial Times.

In prepared remarks, he talked about “investment vehicles that provide exposure to crypto assets,” noting the fact that earlier this year, a variety of open-end mutual fund launched that invested in Chicago Mercantile Exchange’s (CME-traded) bitcoin futures .”

Gensler said, “Subsequently we’ve begun to see filings pursuant to the Investment Company Act[’40 Act] in regard to exchange-traded fonds (ETFs), seeking to invest in CME -traded Bitcoin futures,” further elaborating:

When combined with the other federal securities laws, the ’40 Act provides significant investor protections for mutual funds and ETFs. I look forward for the staff to review such filings.

In August, Gensler similarly said he looked forward to the staff’s review of ETF filings, “particularly if those are limited to these CME-traded bitcoin futures.”

He stressed the importance of investor protection at the conference. “This crypto space has grown to such a large extent that I believe someone will be hurt without the investor protections of banking and insurance, securities laws, market oversight, and banking. According to Gensler, “A lot of people will get hurt.” Gensler was quoted in the Financial Times.

The chairman has been encouraging crypto companies to visit the office to discuss whether they should register with SEC. Without naming specific platforms, he said, some companies have “said things publicly about some of those conversations.” Recently, Coinbase took to Twitter to talk about its lending product that the SEC threatened to sue over if it is launched. CEO Brian Armstrong called the securities watchdog’s behavior “sketchy.” The Nasdaq-listed company subsequently abandoned its plan to launch the product.

Gensler said Wednesday:

There are going to be times that people come in and we say: ‘Register.’ It’s not going to be everybody comes in and says: ‘Can you please tell us we are not a security.’

Do you think the SEC will approve a bitcoin ETF or bitcoin futures ETF this year? Please let us know your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…

  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.

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