The Chairman for the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has refrained from detailing the future for spot bitcoin exchange-traded funds (ETFs). This comes in the wake of a court order directing the regulator to withdraw its opposition to an application from Grayscale Investments.
Gensler, while addressing questions at a Securities Enforcement Forum event, mentioned that these matters are currently under the review of the SEC staff. He chooses not to speculate on the situation before recommendations are made to the commission.
Gensler intentionally avoided giving any hints regarding the timeline or the sequence in which applications might be considered. He further declined to comment on other ongoing court cases against crypto firms pursued by the SEC.
Gensler expressed his criticisms of the crypto industry, describing it as “rife with non-compliance.” He emphasized on the relative scale of crypto in the context of U.S. capital markets, stating, “Crypto worldwide might be a trillion, but in the U.S. is less. So just by that, it’s well less than one percent of U.S. capital markets.”
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