SEC Chief: Approval of Spot Bitcoin ETFs Shouldn't Be Seen as Anything More

The head of the US Securities and Exchange Commission (SEC) Gary Gensler urged not to regard the decision to approve spot Bitcoin ETFs as anything more. This is how he commented on the likelihood of launching exchange-traded funds based on Ethereum

“As I said two weeks ago, our decision on Bitcoin exchange-traded products relates only to this specific asset, which is not a security, and should not be considered as anything more,” Gensler said.

According to him, after the approval of spot Bitcoin ETFs, the level of information disclosure in the sector has improved. He also stated that the launch of 10 products at once made it possible to create competition in the market.

As a reminder, the Commission approved spot Bitcoin ETFs on January 10, 2024. Oddly enough, the decision affected, among other things, the Ethereum rate, which was dictated by expectations of the possible approval of exchange-traded funds based on the asset.

Fox Business journalist Eleanor Terrett said, citing one of her sources, that the SEC could approve spot Ethereum ETFs by the end of the summer.

At the same time, the regulator postponed the application from BlackRock. The next interim deadline for it is March 10, 2024. The Commission must make a final decision by August.