Gary Gensler Refuses to Say When BTC ETFs Will Be Approved

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During an interview with Bloomberg, Securities and Exchange Commission (SEC) Chairman Gary Gensler stated that the regulatory agency will not rush in approving applications for Bitcoin ETFs.

Gensler mentioned that the Corporate Finance Department, responsible for evaluating applications from all issuers, would make a final decision after thoroughly assessing the potential risks associated with legalizing such instruments.

Since 2020, Gensler has been pushing for stricter regulations in the digital currency market.

In 2021, the Securities and Exchange Commission has only approved the issuance of crypto ETFs focused on Bitcoin futures.

However, the regulator is against the emergence of exchange-traded crypto funds that track the performance of the spot price of cryptocurrency.

When asked about the timeline for considering these applications, Gensler did not rule out that it could take years.

All regulatory procedures must be strictly followed, he added. Despite the delay in approving Bitcoin ETFs, Galaxy Digital CEO Mike Novogratz remains optimistic.

He believes that spot Bitcoin ETFs could potentially be launched on the American stock market as early as 2024.