SEC chairman Gary Gensler says that it has been some time since any serious milestone has been accomplished in the crypto world. According to the recent trends, the conversion of Bitcoin mining from using natural resources to a completely green initiative will be considered a milestone achieved; on the contrary, the approval of a Bitcoin ETF is also a milestone for the crypto community.
Gensler says that there are solid chances that the Bitcoin ETF will get approval from SEC. He has strongly wished to see new applications regarding ETF coming his way under ICA (investment company act). These ETFs should also be linked to Bitcoin futures which are regulated by CFTC. He is as perplexed and curious as any other Bitcoin enthusiast out there about what the SEC will say about approving a Bitcoin ETF.
SEC Chairman Expresses his Thoughts Regarding Bitcoin ETF
The SEC chair, however, confirmed in the interview that he is not speaking on behalf of the Securities and Exchange Commission, and these are his personal thoughts on the subject of ETFs for Bitcoin. There can be multiple applications for a Bitcoin ETF, and he also pointed out that an ETF based on Bitcoin futures could be the next big thing for which both the crypto community and SEC can find a middle ground. Although he hinted that in what sense SEC would respond to these kinds of ETF applications, he has no idea; if something interesting comes along and all committee members are clipped on it, he will happily approve those kinds of ETFs.
Many applications have been fired regarding ETF that now track the current price of Bitcoin based on a CFTC model which regulates Bitcoin futures. This is a future matter; the hearing will commence soon, and there will be a decision made in the upcoming future. By the tone and overall thoughts of Gensler, it seems that it is going to be a yes. That would definitely open new doors for Bitcoin traders and crypto enthusiasts regarding Bitcoin trading in the future.