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Business Maverick: Bitcoin Backers Not Happy Even as SEC Signals ETF Openness

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U.S. Securities and Exchange Commissioner Gary Gensler gave what may be the strongest sign of support yet from the agency for a Bitcoin exchange-traded fund. Crypto fans, though, are not exactly thrilled.

Policy makers have in the past voiced concerns over fraud and price manipulation, as well as worries over how a fund would be able to handle Bitcoin’s infamous volatility. As part of his comments, Gensler said that while he’s interested in blockchain — or the technology underpinning digital assets — and sees potential value in crypto, he plans to move aggressively to protect investors.at the start of the year.

“Investors want the real deal and a quick glance north of the border shows the real deal not only exists, but is prospering,” said Nate Geraci, president of the ETF Store. Most pending ETF applications have been filed under 1930s laws that allow stock exchanges to list products. Bloomberg reported that Gensler is hinting that he’d like to see a filing that seeks approval through a 1940 law that governs mutual funds.

 

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