Tomorrow never dies. As of today, the chair of the SEC doesn’t believe the US can prevent “fraudulent and manipulative acts and practices” concerning spot Bitcoin ETFs.
Bitcoin spot ETFs, with Soto calling crypto “a driver of economic growth” in the U.S. and “crucial for us to clearly regulate it in order to maximize the potential benefits and mitigate any risks.”
“The SEC’s approach to cryptocurrency regulation has been unacceptable,” said Emmer in the November letter. “While the trading of Bitcoin futures ETFs is a great step forward for the millions of American investors who have been demanding regulatory clarity, it does not make sense that Bitcoin spot ETFs cannot also commence trading.”
To date, the SEC has not approved any Bitcoin spot ETF application from a financial institution despite some lawmakers and industry leaders criticizing the commission’s inaction for holding the United States back on innovative investment vehicles. However, after Gensler hinted in August 2021 that he would be more open to accepting ETFs based on crypto futures rather than through direct exposure,
with the SEC. The commission has since approved ETFs linked to BTC futures from Valkyrie, ProShares and VanEck.
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