Securities and Exchange Commission Chairman Gary Gensler denied impatience when answering reporters’ questions about crypto, including his agency’s handling of applications to launch Ethereum ETFs. Speaking to journalist Annmarie Hordern at the Bloomberg Invest event in New York on Tuesday, Gensler accused his interviewer of seeking “clicks” after asking him several questions related to crypto policy.
The issue of cryptocurrency ETFs has been controversial during Gensler’s tenure at the SEC, including when a federal appeals court last year rejected the agency’s decision to deny Bitcoin ETF applications. The court’s decision led the SEC to approve these Bitcoin petitions in January and, despite early signals from Gensler that the Ethereum petitions would be denied, the agency recently indicated that it would grant them.
The agency’s apparent change of heart has led to continued speculation about how long the process will take. Despite his grumbling, Gensler – a noted crypto opponent – offered few details.
“I don’t know the timing, but it’s going well.” He explained that his team expects asset managers to make “appropriate disclosures.”
Gensler’s comments came after the SEC deposits This spring, it was suggested that the agency might have taken the position that Ethereum was a security for more than a year.
Gensler also made a point of clarifying that an ETF trading Ethereum futures has already been approved. Last October, the SEC approved futures ETF applications for Valkyrie Investments, VanEck Funds, Proshares, Bitwise Asset Management and five others. Pending spot ETF applications would give investors direct exposure to the asset through regulated exchanges.
Once announcement As a supporter of cryptocurrencies by many who saw his tenure teaching a course on the subject at MIT as an endorsement, Gensler has harshly criticized the industry in recent years. Last year alone, the regulator filed 46 lawsuits against cryptocurrency-related companies, according to a Bloomberg report report.
Gensler juxtaposed the 11 bitcoin ETFs approved by the SEC this year, which currently trade on regulated markets, with what he called the “non-compliant model,” or exchanges that also knowingly trade non-compliant securities. “These are real protections for investors and others who want to access the capital markets,” Gensler said. It’s about trust in these markets.
Gensler declined to answer a question about rumors that his stance on cryptocurrencies could cost Joe Biden, who nominated him, the election. “My number one priority is the American public,” Gensler said. “He is the client, and therefore he is the one we represent. »
