Perhaps to avoid market volatility, Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), has rarely commented on cryptocurrencies other than Bitcoin. In a media briefing, he once again poured cold water on Ethereum spot ETFs.
Gary Gensler: No endorsement of assets other than Bitcoin
In a recent media briefing, Gary Gensler reiterated his position that the work they have done regarding Bitcoin ETFs is limited to BTC as a single non-security commodity and should not be interpreted as endorsing any other commodities.
Spot ETFs enhance Bitcoin transparency
Although Gensler originally explained in his statement that the approval of Bitcoin ETFs was mainly due to Grayscale losing the lawsuit, he pointed out that the trading environment for Bitcoin has significantly improved:
From this perspective, Bitcoin has higher transparency as they are listed on exchanges rather than traded over-the-counter. With 11 issuers operating simultaneously, it creates a certain competitive environment, and we can already see some commercial competition, benefiting investors with lower costs.
The SEC’s actions in the crypto space are still ongoing, and the SEC’s lawsuits against Binance and Coinbase have not been formally concluded.