A clip shared by James Seyffart on the
Smart distractions on the topic of BTC ETF
Kailey Leinz, a reporter for BloombergTV, addressed the commissioner immediately after a meeting about the US Treasury market and asked Gensler a question about the spot Bitcoin (BTC) ETF. However, it seems that Gensler was not interested in the topic as he quickly turned the conversation to the Treasury market.
“The $26 trillion Treasury market, which is actually the basis of our entire capital markets. This is how we fund our government. This is how our Federal Reserve conducts its monetary policy. This is how we maintain the dominance of the dollar around the globe. And you want to ask me about crypto?” Gensler brought this to Leinz’s attention.
He asked the reporter what the main priorities should be, trying to suggest that spot talks about Bitcoin ETFs are irrelevant at the moment. “The U.S. Treasury market is a very consequential and very important market,” he added. Additionally, he explained that crypto securities represent a very small part of the US economy and do not contribute to the funding of the government.
Just as laid out in the so-called “educational resources” that sent the internet into a frenzy a few days ago, Gensler described crypto assets as an investment that has caused severe harm to investors over time.
Is there any progress with the Spot Bitcoin ETF?
Many observers have confidently stated that the crypto industry and institutional investors are making progress with spot Bitcoin ETF applications, especially after the SEC had meetings with some of the applicants. The agency's trading and markets department had a series of meetings with Grayscale Investments and BlackRock to discuss some technical details related to the potential ETF product.
However, the new twist contains a clause about whether the regulator is actually considering approving the product. Rather, it calls into question the current status of spot Bitcoin ETF applications with the SEC from BlackRock, Fidelity, WisdomTree, Invesco, Valkyrie, VanEck, ARK 21Shares, Bitwise and many others.
The narrow window January 8th and 10th are fast approaching, but at this point no one is sure what to expect from the agency.
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