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Gary Gensler Refuses to Discuss Spot Bitcoin ETFs

US Securities and Exchange Commission (SEC) Chairman Gary Gensler said he is not ready to discuss the issue of approving applications for spot Bitcoin ETFs. This is reported by The Block.

Gensler did not specify the possible timing of a decision on existing cases. He also confirmed the thesis that Bitcoin is a commodity. At the same time, he is concerned about the crypto industry as a whole, and not about its individual products or projects, Gensler said.

“This area is rife with bad actors, fraud, manipulation and money laundering,” says the head of the SEC.

This is not the first time that the agency’s chairman has made such statements. In October 2023, Gensler made similar statements.

Gary Gensler considers the licensing application process to be a reliable, time-tested process. He also noted that SEC staff have been dealing with similar cases for decades and have the proper level of qualifications.

In addition to spot Bitcoin ETFs, the head of the department was asked about his advice to crypto investors and users interested in this industry. Gensler said such people need to exercise extreme caution and be attentive.

On November 20, 2023, representatives from BlackRock and Nasdaq met with the SEC regarding a spot Bitcoin ETF. The parties discussed the model for redeeming shares of the iShares Bitcoin Trust.

On the same day, representatives of Grayscale Investments met with SEC staff to discuss an application for a spot Bitcoin ETF.

Source: Cryptocurrency

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