SEC Chairman Gary Gensler posted on X platform today (22nd) stating that there are many violations in the cryptocurrency field, making it difficult for law-abiding participants to compete. However, the SEC quietly approved the Bitcoin spot ETF, which seems to contradict the above statement.
(Prior Summary:
Bitcoin Spot ETF Approval Date: Galaxy Digital predicts that it will be approved by the SEC before January 10, 2024, due to the dismissal of the Grayscale lawsuit.)
(Background Supplement:
Bitcoin Spot ETF greenlighted? SEC Chairman Gary Gensler: Will reconsider applications based on “successful outcome” of Grayscale case.)
Today (22nd), SEC Chairman Gary Gensler posted on his personal X account, stating:
Gary Gensler also attached a clip from his interview with CNBC on December 14, in which he mentioned that there are too many violations in the cryptocurrency field, with numerous intermediaries claiming to be trading platforms and engaging in various activities that traditional finance does not accept. The SEC has successfully resolved multiple cases worldwide, and securities laws can help protect investors from fraud and manipulation.
SEC is actually quietly arranging for the approval of the ETF
Earlier today, Fox Business senior reporter Charles Gasparino posted on X platform, stating that the SEC is having a “rare” conference call with the applicant of the Bitcoin spot ETF, and the approval may be announced on January 10.
Another Fox Business reporter, Eleanor Terrett, revealed in a post:
Further reading:
Key signal from SEC on ETF: “Bitcoin Spot ETF” can proceed if it eliminates implications of physical redemption
SEC’s stance confuses the public
Despite the contrasting messages between the above news and the SEC’s stance, the approval of the Bitcoin spot ETF is accelerating, even though Gary Gensler’s post mentioned many violations in the cryptocurrency field.
According to a Reuters report on December 15th,
The SEC rejected Coinbase Global’s (COIN.O) petition to establish new rules for the digital asset field. Gary Gensler responded that existing laws and regulations apply to the current cryptocurrency market.
At the time, Coinbase’s Chief Legal Officer, Paul Grewal, issued a statement saying, “Please treat our industry fairly. No one thinks the law is clear, or that there is no more work to be done.” “We should work together to develop laws and regulations that are favorable to consumers and US innovation.”
After being rejected by the SEC, Grewal shared a court document on the social media platform X and stated that the SEC’s decision is “arbitrary and capricious” and an “abuse of discretion.” He expressed his dissatisfaction with the contrasting attitude of the SEC.
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Related Reports
Bitcoin Spot ETF Approval Date: Galaxy Digital predicts that it will be approved by the SEC before January 10, 2024, due to the dismissal of the Grayscale lawsuit
2024 is the bull market year! Michael Saylor: BTC spot ETF is the most significant development on Wall Street in 30 years
Contradicting the SEC: Grayscale requests GBTC to allow “physical redemption,” all Bitcoin spot ETFs should be approved simultaneously
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bitcoin Spot ETF
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Gary Gensler
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