Gary Gensler: SEC's approval of Bitcoin spot ETF does not mean that Ethereum will also pass

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler once again emphasized in an interview with CNBC yesterday that the decision to approve a Bitcoin spot ETF does not mean the SEC’s recognition of digital assets. He noted that the decision only applies to Bitcoin and does not mean that the SEC will treat other digital assets such as Ethereum in the same way as Bitcoin in the future. This decision is based on an assessment of the specific circumstances and regulatory measures in the Bitcoin market, rather than a comprehensive endorsement of the digital asset market as a whole. Gensler also said that the SEC will continue to supervise the digital asset market and formulate corresponding regulatory policies based on the characteristics and risk factors of various digital assets.

According to Gensler’s point on the show, he pointed out that there are already similar products, such as gold and silver ETFs, which are classified as exchange-traded products (ETPs). Although the SEC has approved Bitcoin spot ETFs from about 11 issuers at one time, this does not mean that this is the preferred way to buy Bitcoin or express Bitcoin risk. Therefore, Bitcoin ETFs can be considered an option, but not the only one.

When we evaluate applicants, our main focus is compliance with the law, not recognition of Bitcoin. This ensures security and compliance when trading in ETPs.

The SEC chairman emphasized his stance on most cryptocurrencies, arguing that they are unregistered securities. He emphasized the SEC's responsibility to protect investors from fraud and market manipulation, and said the agency has a responsibility to educate investors, especially those investments that do not comply with securities or other commodities laws. He also mentioned that the SEC has an asset class of 15 to 20,000 crypto tokens, many of which are actually investment contracts or securities.

"There is fraud and manipulation in the crypto asset space, and many bankruptcies have shown that this is not just a problem for one company, but a series of company problems, causing investors to walk into bankruptcy courts."

SEC’s approval of Bitcoin spot ETF does not mean that Ethereum will also pass

Gensler also pointed out that although the SEC approved the Bitcoin ETF, it does not mean that other cryptocurrency-based ETFs will automatically Approval. In recent months, asset management giants such as BlackRock and Fidelity have submitted applications for Ethereum spot ETFs to the SEC. This means that the SEC will review and make decisions based on each application’s unique circumstances and compliance, rather than simply approving all cryptocurrency-based ETF applications.

The Chairman of the SEC conservatively responded to the question of whether the SEC will continue to approve Ethereum spot ETF applications. He said: "We only approved a batch of documents in January, and there are other documents waiting for review. But I It cannot be prejudged because this is discussed and reviewed by a committee composed of five members.”

It is worth noting that the SEC has postponed the review decisions of several Ethereum spot ETFs this year, and Gensler had previously It said that the SEC’s approval of Bitcoin as a non-security commodity should not be regarded as support for other cryptocurrencies.

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