Cryptocurrencies
SEC’s Gensler Signals Pathway for a Bitcoin ETF With Tough Rules
- He hints at openness for an ETF with full mutual fund rules
- He says he looks forward to SEC reviewing such a product
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U.S. Securities and Exchange Commission Chair Gary Gensler is signaling a pathway for approving a Bitcoin exchange-traded fund, a move that crypto enthusiasts say is crucial for taking tokens to the mainstream.
Gensler said that an ETF that complies with the SEC’s strict rules for mutual funds could provide investors with necessary protections. Speaking in his first major speech on cryptocurrencies, Gensler also signaled an openness to an ETF focused exclusively on Bitcoin futures, which are offered by CME Group Inc. and require that investors put down substantial margin to trade.