⚡ Bitcoin ETF Greenlight Doesn't Extend to Ethereum ETFs
postedΒ 14 Feb 2024
SEC Chairman Gary Gensler, in a CNBC interview, emphasized that the recent approval of spot Bitcoin ETFs shouldn't be seen as an endorsement for similar products, including Ethereum ETFs.
Gensler remarked that the SEC will assess each cryptocurrency ETF application on its own merits, prioritizing compliance with current legislation. The specific applications and individual technological features of these instruments are not key to the approval process.
βWe are merit-neutral. This was not in any way an approval of BItcoin,β stated Gensler, βWhat we try to do as a society is to take some of the fraud and manipulation risk out of the markets by regulation.β
The January approval of Bitcoin ETFs had fueled optimism within the crypto community for faster approvals of other crypto-related financial instruments. Gensler's comments, however, may temper this investor enthusiasm.
Ethereum ETFs from major industry players, including Fidelity and BlackRock, are currently awaiting the SEC's decision.
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