U.S. Securities and Exchange Commission Chairman Gary Gensler says the SEC is taking a new look at Bitcoin (BTC) exchange-traded funds (ETFs) in light of recent court rulings.
In a recent interview with CNBC, Gensler said spoke about the series of pending BTC ETF applications under review by the SEC.
‘I am chairman of a committee, but I am not [going] to pre-judge everything that is currently going through the process. And as you may know, we’ve denied some of these applications in the past, but the courts here in the District of Columbia have reconsidered that, and so we’re reviewing this based on those court decisions.
Gensler is probably referring to the legal victory of digital asset manager Grayscale earlier this year. In August, a federal judge ruled that the SEC must reconsider Grayscale’s application to launch an ETF from its Bitcoin Trust to avoid arbitrariness and inconsistency. The regulator does not intend to appeal the decision.
However, Gensler would like to caution investors against putting money into the crypto space.
“I would say this about the crypto field. This is an area where your viewers should be aware that there is a lot of non-compliance. Failure to comply with the securities laws that are there to help you provide the disclosure so that you can make the investment decision, but also to protect you from fraud and manipulation, and there has been far too much fraud and bad actors in the field cryptocurrency.”
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