Chairman Gary Gensler shared why the US Securities and Exchange Commission (SEC) decided to approve a NYSE-traded Bitcoin Futures Exchange Traded Fund (ETF) without approval.
When the first Bitcoin futures ETF debuted on the NYSE in the US, Gensler reiterated that his agency was “technically neutral, but not politically neutral”.
“We are doing our best in our jurisdiction to bring projects into investor protection.
Bitcoin futures have been overseen for four years by the Commodity Futures Trading Commission (CFTC), which I am honored and proud to serve. ”
When asked why the SEC approved a Bitcoin futures ETF and not a spot Bitcoin ETF, Gensler noted that he would not comment on any specific applications or projects. However, he made it clear:
“What you have here is a product that has been overseen by United States federal regulators for four years and regulated by the Investment Company Act of 1940. So the protection is higher. Our investors are higher too.”
The Proshares Bitcoin Strategy ETF – which seeks to raise capital primarily through managed exposure to Bitcoin futures contracts without investing directly in BTC – traded on the NYSE on Tuesday under the ticker “BITO”.
Simeon Hyman, CEO of Proshares, expressed his confidence in the new fund, which captures BTC’s price action history, US securities laws and opens up opportunities for investors:
“Historic stamp. We believe it will trade quite well. We believe that regulated futures traded in an ETF will open the door to BTC exposure for many people who may have been waiting on the fringes for a long time.”
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According to Newsbitcoin