{"id":13378,"date":"2021-10-20T01:54:03","date_gmt":"2021-10-20T01:54:03","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/gary-gensler-explains-why-sec-approves-a-bitcoin-futures-etf\/"},"modified":"2021-10-20T01:54:03","modified_gmt":"2021-10-20T01:54:03","slug":"gary-gensler-explains-why-sec-approves-a-bitcoin-futures-etf","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/gary-gensler-explains-why-sec-approves-a-bitcoin-futures-etf\/","title":{"rendered":"Gary Gensler Explains Why SEC Approves a Bitcoin Futures ETF"},"content":{"rendered":"

SEC Chairman Gary Gensler has shared why the U.S. Securities and Exchange Commission (SEC) decided to approve a bitcoin futures exchange-traded fund (ETF) to trade on the NYSE. Meanwhile, the Commission has not approved a spot bitcoin ETF.<\/strong><\/p>\n

Why SEC Approves Bitcoin Futures ETF<\/h2>\n

As the first futures-based bitcoin exchange-traded fund (ETF) in the U.S. debuted on the NYSE, the chairman of the U.S. Securities and Exchange Commission (SEC) explained why the regulator greenlighted a bitcoin futures ETF but not a spot bitcoin ETF.<\/p>\n

In an interview with CNBC Tuesday, SEC Chairman Gary Gensler reiterated that his agency \u201cshould be technology neutral, but not policy neutral.\u201d He elaborated:<\/p>\n

What we\u2019re trying to do is ensure to the best we can within our authorities to bring projects into the investor protection perimeter.<\/p>\n

\u201cBitcoin futures have been overseen by our sibling agency, the Commodity Futures Trading Commission [CFTC], which I was once honored and proud to serve there and that\u2019s been four years,\u201d the SEC chief continued.<\/p>\n

He added that one of the applications \u201cwent effective with regard to those products over at the Chicago Mercantile Exchange [CME] that our sibling agency oversees.\u201d<\/p>\n

Responding to a question about why the SEC has approved a bitcoin futures ETF but not a spot bitcoin ETF, Gensler noted that he will not comment on any specific application or project. However, the SEC chief clarified:<\/p>\n

What you have here is a product that\u2019s been overseen for four years by a U.S. federal regulator, the CFTC, and that\u2019s being wrapped inside of something that\u2019s within our jurisdiction called the Investment Company Act of 1940. So, we have some ability to bring it inside of investor protection.<\/p>\n

While emphasizing that bitcoin is \u201cstill a highly speculative asset class and listeners should understand that underneath this, it still has that same aspect of volatility and speculation,\u201d the SEC chairman concluded: \u201cOur sister agency is overseeing this for four years and then it brings it inside an 80-year-old law here at the SEC.\u201d<\/p>\n

The Proshares Bitcoin Strategy ETF, ticker \u201cBITO,\u201d began trading<\/a> Tuesday on the New York Stock Exchange (NYSE). \u201cThe fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts,\u201d its website details, adding that it \u201cdoes not invest directly in bitcoin.\u201d<\/p>\n

What do you think about the SEC approving the first bitcoin-based ETF and Gensler\u2019s comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, approves bitcoin etf, bitcoin etf, bitcoin futures contract, bito, CFTC, CME, Gary Gensler, Investment Company Act, investor protection, Proshares, sec chairman<\/p>\n","protected":false},"excerpt":{"rendered":"

SEC Chairman Gary Gensler has shared why the U.S. Securities and Exchange Commission (SEC) decided to approve a bitcoin futures exchange-traded fund (ETF) to trade on the NYSE. Meanwhile, the Commission has not approved a spot bitcoin ETF. Why SEC Approves Bitcoin Futures ETF As the first futures-based bitcoin exchange-traded fund (ETF) in the U.S.…<\/p>\n","protected":false},"author":0,"featured_media":13379,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13378"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13378"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13378\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13379"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}