U.S. Securities and Exchange Commission Chairman Gary Gensler continued to criticize the cryptocurrency industry in a Senate hearing with lawmakers today, but gave no hint as to what direction the regulator will take next. I refused. long list of Bitcoin spot exchange traded fund (ETF) applications currently under review.
Sen. Bill Hagerty (R-Tenn.) cited last month's bombshell ruling by a federal judge siding with Grayscale over the SEC and what the agency did in its application to approve the Spot Bitcoin ETF. I asked Gensler if he needed to confirm.
Gensler told the Senate Banking Committee on Tuesday that the SEC was “still considering that decision,” adding: Under review. I look forward to the staff's recommendations. ”
Last month, the judge control The SEC's rejection of Grayscale's Spot Bitcoin ETF application should be considered on Grayscale's side in its lawsuit against regulators, it argued.
Spot Bitcoin ETFs are currently the hottest topic in the cryptocurrency world. The SEC has long rejected applications for products that allow investors to gain exposure to Bitcoin without owning the assets.
but investors are hungry For products, including institutions, it is a safer and easier way to directly interact with the world of cryptocurrencies.
Today, the asset management firm Franklin Templeton has become Wall Street's newest titan. Join the Bitcoin ETF race By filing an SEC filing for the “Franklin Bitcoin ETF.”
Other major companies hoping to get their products approved include: black rockthe world's largest fund manager and investment giant based in Boston. fidelity.
Gensler reiterated today that he believes the industry is a wasteland of non-compliance. “This sector is rife with fraud, abuse and illegal activity,” he told lawmakers.
Some lawmakers have criticized Mr. Gensler for not being clear enough about what he wants from crypto companies and, in turn, stifling innovation.
Under his watch, top regulators have cracked down on the digital asset industry, hitting major crypto brands such as Coinbase, Binance and Kraken with lawsuits.
