Gary Gensler answered questions from legislators about whether the agency would give permission to place exchange-traded funds in Bitcoin. And also: is Bitcoin a security? The official said that, according to the SEC, Bitcoin is not a security, and transactions with the asset are not regarded by the regulator as transactions with investment contracts and are not subject to securities laws and the Howey test.
However, Gensler continued to insist that most other crypto assets are subject to federal securities laws. He drew the attention of legislators that the overwhelming number of companies in the US cryptocurrency industry continue to ignore the provisions of these laws and the requirements of the regulator.
Lawmakers demanded that the SEC chairman “immediately approve the listing of the Bitcoin Spot ETP.” Members of the banking committee believe that Gensler is deliberately delaying the decision, despite the fact that the BTC spot exchange-traded fund (ETF) is indistinguishable from the Bitcoin futures ETP.
In response to criticism from members of the House Banking Committee, Gary Gensler recalled that the SEC continues to study possible solutions and has not yet reached a final decision on this issue.
Source: Bits
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