SEC Chairman: Approval of Spot Bitcoin ETF Should Not Be Overinterpreted

SEC Chairman Gary Gensler stated on Wednesday that despite expectations that a spot Ethereum ETF might be the next to receive approval, the agency's recent approval of several spot Bitcoin trading products earlier this month is limited to this particular cryptocurrency.

When asked about his views on an Ethereum ETF during a media briefing, Gensler said, “As I said two weeks ago, what we did with the bitcoin trading platform products is limited to this non-security commodity and shouldn't be read as beyond that.”

Gensler noted, “In that context, there's more disclosure. They are now listed on stock exchanges rather than traded in the over-the-counter markets. There are 10 or 11 listed now, bringing a certain level of competition. You've seen some competition, and investors benefit from it because the fees have come down.”