SEC chief Gary Gensler reiterates support for bitcoin futures ETFs as regulator continues to clarify approval for cryptocurrencies | Currency News | Financial and business news

Bitcoin
Bitcoin.

  • SEC Chairman Gary Gensler renewed support for a bitcoin futures ETF.
  • The support came from prepared remarks at a Financial Times conference.
  • The SEC reviews more than a dozen ETF applications for, among other things, bitcoin and bitcoin futures products, but none have been approved yet.
  • See more stories on Insider’s company page.

Gary Gensler, chairman of the U.S. Securities and Exchange Commission, on Wednesday renewed his support for bitcoin futures.

In prepared remarks for the Financial Times ‘Future of Asset Management North America Conference,’ Gensler listed a number of open-ended mutual funds invested in bitcoin futures traded on the Chicago Mercantile Exchange.

He also cited a 1940 law that provides “significant investor protection” for mutual funds and ETFs. Gensler first shared his support for a bitcoin futures ETF, backed by the 1940 law, in August, when he said he would be open to bitcoin funds coming to market under certain conditions.

Gensler’s agency is in the process of reviewing more than a dozen ETF applications for, among other things, bitcoin and bitcoin futures products, but none have been approved yet.

“I look forward to the staff reviewing such applications,” he said in the prepared remarks.

The SEC has been cautious about approving bitcoin ETFs amid fears of a wave of applications and the potential for market manipulation, Insider reported earlier.

Leave a Comment