Discussion on SEC’s approval of Bitcoin ETFs
SEC Chair Gary Gensler pointed out in a recent CNBC interview that Bitcoin is heavily involved in ransomware. Despite the approval of Spot Bitcoin ETFs, Gensler remains somewhat skeptical of Bitcoin and has stated that the new approvals are similar to previously rejected ones, with only the circumstances being changed. Although significant interest has been shown in launching a Spot Ethereum ETF, Gensler remained tight-lipped regarding the chances of this being approved.
SEC’s view on Ethereum ETF
Gensler approved spot Bitcoin products, emphasizing that his decision should not be misconstrued as an endorsement of Bitcoin. He clarified the postponement of his decision on the Invesco Galaxy Ether ETF and highlighted that the SEC is yet to decide on various other Ethereum ETF applications.
The SEC is facing deadlines for various ETF applications: VanEck’s by May 23, ARK 21Shares by May 24, Hashdex by May 30, Grayscale by June 18, and Invesco by July 5. Bloomberg ETF analyst James Seyffart anticipates simultaneous decisions on all pending Ether ETF applications by May 23, similar to the SEC’s approach to approving spot Bitcoin ETFs on Jan. 10.
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