SEC did not ‘approve or endorse Bitcoin’ with ETF approval — Gary Gensler
Gensler has warned that his agency still does not support Bitcoin despite having approved spot Bitcoin ETFs.
United States Securities and Exchange Commission Chair Gary Gensler has reiterated that his agency still doesn’t endorse Bitcoin (BTC) — despite approving 11 spot Bitcoin exchange-traded funds (ETFs) on Jan. 10.
“While we approved the listing and trading of certain spot Bitcoin ETP shares today, we did not approve or endorse Bitcoin,” Gensler wrote in a Jan. 10 statement, just an hour after the historic approvals.
Gensler reiterated his agency’s skeptical understanding of the cryptocurrency, contrasting Bitcoin’s “speculative” nature with the utility of precious metals such as gold, silver and platinum. He claimed that Bitcoin was still used frequently to settle transactions in nefarious and illicit activities.
...