SEC's Gary boosts market hopes with Bitcoin ETF review response.

Jafar224

The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has always maintained a reluctance to disclose the progress of the review of a Bitcoin spot ETF. Unexpectedly, he recently revealed signals about the approval of a Bitcoin spot ETF after a bond market conference, which the market interprets as optimistic information. What did he actually say? Let's take a look.

Gary Gensler typically approaches the approval progress of a Bitcoin spot ETF with caution. However, in a recent bond market conference, Gensler disclosed some information about how the SEC will act. Previously, the SEC had been in discussions with various institutions, making the approval of a Bitcoin spot ETF in early next year a focal point for the market.

Initially, Gary refused to answer questions from Bloomberg TV reporter Kailey Leinz regarding the status of Bitcoin spot ETF applications, emphasizing that the bond market is the core of the entire capital market, not only as a means of government financing. Gary questioned why the reporter was asking him about cryptocurrency now, bluntly stating that reporter Leinz had not understood the priorities.

Gary then emphasized that the U.S. Treasury market is an extremely important and far-reaching market. In comparison, the size of the crypto securities market is smaller and is not a tool for funding the government or conducting monetary policy. He also pointed out that there are non-compliant activities in the crypto market, causing losses to many investors. These non-compliances not only violate securities laws but also other regulations.

However, under the persistent questioning of reporter Kailey Leinz, Gary finally made his first statement on the approval of a Bitcoin spot ETF. He stated that the SEC will act according to its authority and the interpretation of the courts, which has been interpreted by the market as a positive signal. The prevailing opinion on social media is generally that this is a sign of a step toward a positive outcome.

The latest development on Bitcoin ETF: The SEC approved the rule change proposal submitted by the New York Stock Exchange Arca, allowing the Hashdex Bitcoin futures fund to be restructured into the Hashdex Bitcoin futures ETF. This move is considered to have no significant impact on investor protection and public interest. Bitwise's Bitcoin spot ETF has been included in the active and pre-issuance list of the Depository Trust & Clearing Corporation (DTCC), with the trading code BITB. However, DTCC stated that this is only part of the preparation process for the launch of the new ETF product and does not indicate regulatory approval.

According to Bloomberg analyst James Seyffart's viewpoint, the SEC may propose a review opinion on the Bitcoin spot ETF in mid-January next year, which will be a crucial moment of market attention. Investors will closely monitor the SEC's decision to understand whether the Bitcoin spot ETF will receive formal approval, further driving the development of the cryptocurrency market. What will happen to Bitcoin in mid-January? Let's look forward to it together.

Jiger955

Sometimes the market is just unrealistic.

Jatin255

The approval of a Bitcoin spot ETF could also lead to speculative trading in the cryptocurrency market, thereby triggering risks.

977Iti

The SEC's decision will have an impact on the entire cryptocurrency space, and it's worth paying attention to and understanding.

Pooja193

That could indeed usher in a bull market, but correspondingly, many exchanges may face various regulatory challenges and a decline in performance.