SEC chairman refuses to discuss any of the agency’s plans for a spot Bitcoin ETF
Gary Gensler, Chairman of the US Securities and Exchange Commission, refused to outline any plans regarding the agency's exchange-traded fund (ETF) for spot Bitcoin trading during an interview today. He stated that these are matters for employees to consider and that he will "let things develop naturally" before staff present recommendations to the five-member committee. When asked for any hints regarding the possible timing or application progress, Gary Gensler declined to comment.
SEC Chairman Says Agency Will Not Relax Its Enforcement Strategy
Gary Gensler, the chairman of the US SEC, stated in his speech at the Washington Securities Law Forum on Wednesday that the SEC continues to actively take enforcement actions against fraudsters, financial companies, and cryptocurrency companies. As of September 30, the enforcement statistics show that the SEC has handled judgments and orders worth $5 billion and 780 actions. Last year, the SEC filed 760 cases and imposed a record $6.4 billion in fines. However, Gensler stated that these numbers "only tell part of the story". He emphasized in his speech that even if the SEC faces "enforcement regulation" and questions about its increased caseload, the agency will not relax its enforcement strategy and is willing to resort to the courts to complete its actions.
SEC Chairman: There is a widespread problem of non-compliance with US regulations in the encryption industry, and the industry is not that decentralized
SEC Chairman Gensler gave a speech, stating that the cryptocurrency industry generally has problems with not complying with US regulations and is not as decentralized as it seems.
SEC Chair Gensler Stands Firm on View that Many Cryptocurrencies are Subject to Securities Laws
Gary Gensler, the Chair of the Securities and Exchange Commission, has reiterated his belief that many cryptocurrencies fall under existing securities laws, despite resistance from the industry. Speaking at the 2023 Securities Enforcement Forum, Gensler emphasized that crypto firms are subject to the same regulations as traditional finance. He also commented on the ongoing speculation surrounding pending applications for spot bitcoin ETFs, which the regulator has yet to approve. The SEC has brought several cases against crypto firms over the past year, often citing the Howey Test to determine whether transactions are investment contracts and therefore subject to securities laws.
Even if Grayscale wins the case, the court does not have the authority to require the SEC to approve the conversion of GBTC into an ETF
On October 19, SEC Chairman Gary Gensler stated in an interview with Bloomberg that the SEC has received 8-10 filings from ETF issuers and is awaiting recommendations from staff on the approval process. Bloomberg ETF analyst Eric Balchunas stated that courts mostly reiterate what they have already said and will not require the SEC to convert GBTC (to a spot ETF) as it is not within the court's power. Therefore, even if Grayscale GBTC wins, the SEC still controls its fate to some extent.
U.S. SEC chairman urges regulators to curb artificial intelligence risks to financial stability
Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), has urged regulatory agencies to find a way to manage the risks to financial stability posed by the concentration of power in artificial intelligence platforms. Gensler said that if swift intervention is not taken, a financial crisis caused by AI is "almost inevitable" within the next decade.
SEC Chair Gary Gensler Questioned About Pokemon Cards and Cryptocurrency Legislation During Congressional Hearing
SEC Chair Gary Gensler faced tough questioning from Congress this week, with accusations of stifling the markets with regulatory red tape and pushing a "woke" political and social agenda. During the hearing, Gensler confirmed that Bitcoin is not a security but avoided answering whether it is a commodity.
Multiple U.S. Lawmakers Urge Gary Gensler to Immediately Approve Bitcoin Spot ETF
Several Republican and Democratic lawmakers sent a letter to urge Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), to approve the listing of a physically-backed Bitcoin exchange-traded fund (ETF), stating that a regulated Bitcoin ETF will make Bitcoin trading more transparent and secure, thereby enhancing investor protection. The lawmakers said, "Congress has a responsibility to ensure that the SEC approves investment products that meet congressional requirements.
US Lawmakers Urge SEC to Approve Bitcoin ETFs After Court Ruling
A bipartisan group of lawmakers, including Rep. Tom Emmer, have written a letter to SEC Chair Gary Gensler urging the regulator to approve bitcoin exchange traded funds (ETFs) after a court instructed the SEC to rethink its view on these applications. The lawmakers argue that a spot bitcoin ETF is "indistinguishable" from the crypto futures ETFs that have already been approved by the SEC. The SEC is set to appear before the House Financial Services Committee this week, where members will have the opportunity to question Gensler on the topic. A bitcoin ETF would provide investors with an easier way to invest in the cryptocurrency market.
SEC Chair Gensler to Reiterate View that Crypto Assets are Securities in Senate Testimony
Despite recent court losses, SEC Chair Gary Gensler remains firm in his belief that his agency should regulate crypto assets and plans to express this view to lawmakers on Sept. 12. Gensler will argue that crypto assets are securities and should be subject to SEC regulation due to widespread noncompliance with securities laws.
