Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, declined to discuss the current status of applications for the launch of spot Bitcoin ETFs in response to a reporter from Bloomberg Television.
In an interview following the meeting dedicated to changes in the Treasury bond sector, the head of the SEC stated:
"The $26 trillion Treasury bond market is, in fact, the foundation of all our capital markets. It's how the government is funded, the Fed conducts monetary policy, and we maintain global dollar dominance. And you want to ask me about crypto? Are these your priorities?"
Gensler added that cryptocurrencies are not only less significant but have also caused harm to many investors.
"They not only fail to comply with securities laws but also with a multitude of other norms," concluded the official.
Bloomberg analyst James Seyffart acknowledged that Gensler "is not entirely wrong in his monologue." However, before the question about cryptocurrencies, the journalist discussed the meeting's agenda with him for about five minutes and could expect an answer, noted the expert.
SEC is currently reviewing more than a dozen proposals for the registration of exchange-traded funds based on the spot price of Bitcoin. Among the applicants are companies like BlackRock, Grayscale, Franklin Templeton, and Fidelity, whose representatives continued discussions with the regulator in early December about the potential launch of products. The process began in November and, according to experts' assumptions, has reached the final stage.
Earlier, Gensler has repeatedly stated that cryptocurrencies are securities and should be regulated by the SEC. However, Rostin Benam, the chairman of the U.S. Commodity Futures Trading Commission, believes that the majority of digital assets are commodities.
As a reminder, according to the SEC chairman, the global economy does not need cryptocurrencies, and they are capable of causing harm. He referred to the digital asset industry as full of fraud, scams, and other violations.
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