Gary Gensler, chairman of the US Securities and Exchange Commission (SEC) reiterated his disapproval for spot Bitcoin ETFs at a virtual event held on Monday. He said that crypto-assets do not have rules for investor protection and are at risk of fraud and price-fixing.
With Bitcoin futures exchange-traded funds (ETFs) finally approved in the United States, calls for the approval of physical ETFs have become paramount.
During a Yahoo Finance summit held Monday, Gensler once again said that cryptocurrencies still need additional regulation to ensure investor protection. The virtual event saw leaders and influencers from several professions including business, finance, and medical care participating as speakers.
Also participating as a speaker, Gensler compared the unregulated cryptocurrency market to the “Archetypal Old West”, and said:
“These markets, largely around the globe, 24 hours a day, seven days a week, don’t have the similar protections against fraud and manipulation and front running and other abuses.”
In response, Nate Geraci, head of investment adviser The ETF Store, tweeted:
I was thinking second half of 2022, so O/U say July 1st of next year.
But honestly, after hearing those Gensler comments, I just don't see how that happens. How long will it take for Congress to develop a regulatory framework here?
I'm now starting to think 2023 or beyond.
— Nate Geraci (@NateGeraci) October 25, 2021