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US Securities and Exchange Commission (SEC) Chairman Gary Gensler confirmed that all Bitcoin Spot ETF products have been approved.
Gensler stated that the SEC's actions are guided by adherence to the law and court interpretations. He noted that under Clayton's leadership, starting in 2018 and ending in March 2023, more than 20 exchange rule applications for spot Bitcoin ETPs were not approved. Among these, Grayscale's application, which proposed converting the Grayscale Bitcoin Trust into an ETP, was one of the applications that was not approved.
Gensler explained that the approval is limited to ETPs that hold a commodity that is not a security, namely BTC. This does not indicate that the SEC is ready to approve listing standards for cryptoasset securities, nor does it provide insight into the regulatory status of other cryptoassets under federal securities laws.
The SEC Chairman specifically emphasized that the vast majority of crypto assets are considered investment contracts and are subject to federal securities laws.
To protect investors, Gensler outlined three key safeguards regarding approval:
Disclosure Requirements: Sponsors of Bitcoin ETPs must provide comprehensive and accurate disclosure about the products. Investors will benefit from this disclosure through public registration statements and required periodic filings.
Regulated Exchanges: Approved ETPs will be listed and traded on registered national securities exchanges subject to rules designed to prevent fraud and manipulation. The SEC will monitor these exchanges closely to ensure that these rules are enforced.
Application of Existing Rules: Existing rules and standards of conduct will apply to the trading of approved ETPs, including the Best Interest Regulations for brokers who recommend ETPs to retail investors and the fiduciary duty under the Investment Advisers Act for investment advisers.
Additionally, Gensler noted that the Commission is simultaneously considering registration statements for 10 spot bitcoin ETPs, aimed at creating a level playing field for issuers and improving fairness and competition in the market.
While the SEC has approved the listing and trading of certain spot BTC ETP shares, Gensler urged caution, saying investors should be alert to the numerous risks associated with bitcoin and related products.
*This is not investment advice.