Securities and Exchange Commission Chairman Gary Gensler seemed unwilling to talk about cryptocurrencies after a meeting focused on the U.S. Treasury market on Wednesday, declining a reporter’s questions about the status of various applications for a spot Bitcoin ETF.
“The $26 trillion Treasury market is actually the foundation of our entire capital markets. This is how we fund the government. This is how the Federal Reserve conducts monetary policy. This is how we maintain dollar dominance around the world. That’s the way to do it. And you want to ask me, what about cryptocurrency?” Gensler said: interview Answers to questions about in-kind funds from Bloomberg Television.
“What are your priorities?” He continued. “The U.S. Treasury market is a very important, important market. Cryptocurrency securities are not only much smaller, but it is not the way to fund the government. It is not the way to conduct monetary policy. And for many investors, that has hurt them. .the market. And we’re being harmed by too much non-compliance. It’s not just securities law violations, it’s violation of other laws as well.”
The SEC is currently reviewing more than a dozen applications from big asset management firms including BlackRock and Fidelity for what would be the country’s first spot Bitcoin fund. The price of the world’s largest cryptocurrency by market capitalization has surged in recent months as analysts speculate a decision could be nearing.
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In comments last month, Gensler remained silent when asked about the ongoing review process for Bitcoin discovery spot, saying he did not want to “prejudge” the issue. He previously called the agency’s review process “time-tested.”
The SEC has been meeting with some potential issuers over the past few weeks to discuss technical details of the proposed redemption process.
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About the author
Nathan Crooks is the US editor-in-chief of The Block, based in Miami. He previously worked at Bloomberg News for 12 years, serving as breaking news editor and bureau chief in Caracas, Venezuela, before leading coverage of South Florida. He has interviewed presidents, government ministers, and CEOs, and in addition to cryptocurrencies, he has covered major news events in the field ranging from earthquakes, hurricanes, and the 2018 Chilean mine rescue. A native of Clarion, Pennsylvania, Nathan earned his bachelor’s degree from the university. He earned a specialist degree in political science from Toronto and an MBA from the American University in Washington, DC.