SEC Chair Gary Gensler to Meet with South Korean Regulator to Discuss Bitcoin ETF Impact
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is planning to hold a meeting with a top South Korean financial regulator to discuss cryptocurrency and the newly approved spot Bitcoin exchange-traded funds (ETFs). The head of South Korea’s Financial Supervisory Service (FSS), Lee Bok-hyun, announced his plans to travel to the US in the second quarter of the year to talk to Gensler about the global impact of the SEC’s crypto policies.
Spot Bitcoin ETF Approvals
The SEC recently approved all 11 spot Bitcoin ETFs that were under consideration. This move came after months of collaboration between applicants and the regulator to refine their proposals. While the SEC had previously denied all spot Bitcoin ETF applications, it greenlit the launch of the country’s first Bitcoin futures ETFs in October 2021.
Meeting Focus Areas
The meeting between Gensler and Lee will focus on virtual asset issues and Bitcoin spot ETFs. Both regulators recognize the significance of SEC policy on a global scale, making it an important topic for discussion.
Bitcoin Market Update
As of now, Bitcoin is trading at $42,744. While it has seen an 87% increase in the past year, it remains around 38% below its all-time high of over $69,000.
Hot Take: SEC and South Korean Regulator Collaborate on Crypto Policies
SEC Chair Gary Gensler’s upcoming meeting with South Korean financial regulator Lee Bok-hyun demonstrates a collaborative effort to address key issues related to cryptocurrency regulations. The approval of spot Bitcoin ETFs by the SEC marks a significant development in the crypto market. By discussing the global impact of these policies, both regulators aim to ensure a comprehensive and balanced approach to the regulation of virtual assets. This meeting highlights the importance of international cooperation in shaping the future of cryptocurrencies.
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