SEC Chair Gary Gensler continues to withhold comments regarding the future of spot Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF).
Asset management giants, such as BlackRock Inc. and Fidelity Investments, have submitted several applications to introduce the first spot Bitcoin ETF.
See Also: EXCLUSIVE: Robinhood Showcases Self-Custody Option — ‘You Get More Crypto For The Dollar’
Why It Matters: In the conference, Gensler reiterated his perspective that Bitcoin is a commodity. He also expressed his concerns about the overall crypto industry. The SEC has been stepping up its actions against crypto firms, initiating actions against Coinbase Global Inc. and Binance.
When asked about the need for more authority for the Commodity Futures Trading Commission (CFTC) to supervise crypto, Gensler supported the notion, specifically for Bitcoin.
Gensler also warned potential crypto investors and those interested in the sector to “beware, be cautious, be careful.”
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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